Payment Card Year Books

Iceland 2019/2020

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Payment Organisation


Domestic Card Brand


Market Structure

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

Product information

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1.1 last updated 13th January 2020