Iceland card payments market: Industry negatively affected by banking crisis during 2008-2011
Emerging Opportunities in Icelandâs Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 18:10:04
Iceland´s card payments market exhibited negative growth during the review period (2008â2012), declining at a CAGR of -2.49%, from 796,456 cards in 2008 to 719,950 cards in 2012. This can be attributed to the banking crisis that occurred in the country during 2008â2011. Over the forecast period (2013â2017), the channel is expected to register marginal growth at a CAGR of 1.85%, rising from 737,259 cards in 2013 to 793,275 in 2017.
Despite numerous challenges such as the banking crisis, global economic slowdown, bankruptcy of major banks and currency depreciation, Iceland´s economy recovered from 2010 onwards. Gross domestic product (GDP) growth increased from -4.1% in 2010 to 1.2% in 2012. Notably, inflation declined from 12% in 2008 to 6% in 2012, but is still high when compared to pre-crisis figures. Iceland´s GDP is projected to grow at an average of 2.1% over the forecast period.
The country´s balance of payments still needs to be handled as the Icelandic krona is still recovering in the world market. However, post-bailout Iceland has emerged from its banking crisis and is now repaying parts of its bailout debt to the IMF. Economic recovery is expected to foster growth in the card payments channel over the forecast period.
In terms of card volume, the debit cards category held 57.4% of the channel in 2012, followed by credit cards with 40.6% and charge cards with 2%. Over the forecast period, the volume of debit cards is expected to increase from 423,990 cards in 2013 to 456,983 cards in 2017, at a CAGR of 1.89%. The credit cards category is expected to post growth of 1.79%, rising from 299,058 cards in 2013 to 321,082 cards in 2017.
Norway and Iceland have the highest ranking in internet use in Europe, followed by Sweden and Denmark. As of December 2012, the total number of internet users in Iceland reached 325,752, an increase of 3.4% over 2011. The internet penetration level reached 99% by the end of 2012.
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