Domestic Card Brand
Card use in Iceland is the highest in the world, reflecting the extension of card payments into new areas. As there is no giro system, cards take the place of direct debits for recurring payments.
There were 69.4 million domestic payments on debit cards alone in 2016, equivalent to 204.8 per capita. Including credit cards, per capita payments were 366.9 in 2016, the highest card use in Europe.
The value of debit card payments at retail outlets was €2.4 billion in 2014, equivalent to €7,127.7 per capita, while the value of credit card payments at retail outlets was €2.6 billion, equivalent to €7,714.29 per capita.
Iceland transposed the EU Payment Services Directive(PSD) into law in December 2011, and is expected to transpose PSD2 as well.
Notable Market Trends
Rollout of contactless cards and POS terminals, MPOS terminals,
Instant payments platform live in 2018.
Statistical Key Figures for 2016 provided in this profile:
• UPDATED: tables with card business data 2012-2016; growth rates: Y-o-Y, CAGR
• Population, Cards per Capita, Card Value per Capita
• Debit Cards, Credit/Delayed Debit Cards, Total Cards
• Card payments by number and by value, ATV per card, payments per card/year
• ATMs, POS terminals, ATMs/POS terminals per 1 million capita
• ATM withdrawals by number/by value, ATV per withdrawal, TXs per ATM/month
• POS payments by number/by value, ATV per POS payment, TXs per POS/month
• Internet Use, e-payment mix, B2C e-Commerce by value and growth rate
• Issued Card brands by individual major issuer bank
• Accepted card brands by individual major acquirer
• Drill down into the debit card use and credit cards use details
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1.0.0 last updated 2nd December 2017