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.
In 2018, there were 77.7 million domestic payments on debit cards, equivalent to 217.7 per capita. Including credit cards, domestic per capita payments were 439.2, the highest domestic card use in Europe.
The value of debit card payments at retail outlets was €2.86 billion in 2018, equivalent to €8,006.6 per capita, while the value of credit card payments at retail outlets was €2.935 billion, equivalent to €8,223.0 per capita.
Iceland transposed the revised EU Payment Services Directive (PSD2) into law effective from January 2018.
Sedlabanki’s instant payment platform went live in 2018.
Notable Market Trends
Contactless rollout: cards, POS terminals, mobile banking apps.
Statistical Key Figures for 2018 provided in this profile:
• UPDATED: tables with card business data 2014-2018; 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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1.1 last updated 13th January 2020