We all have different perspectives when the subject is Scandinavian countries. Some may remember the great Eurovision song contest entries, lovely reindeer, or magical Northern Lights, whereas others’ palate reflects the delicious Norwegian salmon taste. Frigid weather, snow, and chaotic time-zone, yet the most breathtaking landscapes and habitats may make a Southern jaw drop. As the writer of this article, I had the great opportunity to experience Nordic life, and I can fairly say that we are talking about a whole divergent universe.
Fjords, endless forests, and mighty mountains! Officially the Kingdom of Norway is a melting pot of the modern world mingled with legendary Norse sagas. It is a known fact that Nordmenn has always had this skill for trading for centuries. Their fearless ancestors, mighty Vikings, conquered massive lands and opened new eras in navigation. Modern Norwegians are no different from their great-grandfathers. They do not miss any chance to expand their trading field.
Norway is a part of multiple prestigious councils like the EEA (European Economic Area), the United Nations, the European Free Trade Association, NATO, the Nordic Council, and the Antarctic Treaty. Evidently, as old sagas tell, the Nordic passion for new lands and crossing borders is still there burning. The country does not only have close ties with Europe but also the United States, East Asia, and the game changer of today’s international finances, the People’s Republic of China.
It is the happiest country according to the World Happiness Report and ranked as the largest sovereign wealth fund with a pretty high Human Development Index. Yes! Norwegians are dedicated to equality, human rights, splendid education starting kindergarten, a robust social security system in favour of citizens rather than governments, and free spotless health care. In addition to these, Norway has the lowest crime rate worldwide. What can a person ask for more?
Being on the Arctic Circle, Norway has a lower population density considering its acreage; however, do not let this fall into the error that difficult altitude and low population and challenging altitude may cause a low profile for Norway in the international economy. Maybe for others, but not for Norwegians who already got used to how to deal with weather conditions and impediments.
This country operates a tremendous export rate in a plethora of business segments, from oil to sea products. Actually, outside of the Middle East, Norway is one of the playmakers in these fields. We didn’t even start. Furthermore, Norway leads the global market in lumber, seafood, and multiple essential minerals like carbonates, quartz, granite, and titanium.
That’s why this breathtaking geography, substantial job opportunities, and exquisite life conditions are in the limelight of immigrants and expats. Lithuanian, Pakistani, Polish, and Somali communities are the largest ones in Norway, while its neighbours also see great potential here. You can encounter many residents from Sweden, Finland, Russia, Sweden, Denmark, and the United Kingdom. Therefore it can be wise to be open-minded to these nationalities when evaluating the most popular payment methods in Norway.
What are the Most Popular Payment Methods in Norway?
Whether you are an entrepreneur, expat, digital nomad, exchange student, or just an interested tourist, looking for the most convenient and affordable payment options in Norway before taking a position is always wise. Since the country hosts a myriad of dissimilar cultures, languages, and financial expectations, payments in Norway are a wide-scale method.
In this part of our article, we would like to inform readers about the consumers’ tendency, percentages, available options to pay, and their role in the Norwegian daily routine. So, you can shape your opinion to make pre-arrangements with no room for hesitation or struggles. Here are the preferred payment methods and practices in Norway:
- Cash in Norway
If you have travelled to Scandinavian countries before, you indeed realised that most stores are mainly cashless for a while. The economy ministry of Norway underlines the importance of going cashless regarding the authentication and formalisation of the money transfers in circulation. In an obtuse aspect, hand-to-hand money may lead to the flow of black money, loss of track for supporting criminal activities, and corruption. Besides, printing and transportation of currency notes cost tremendously.
Although some cash in your pocket can be a life saviour in the case of a PoS terminal issue or power blackout, for purchases in Norway, you will probably need other payment methods rather than coins and banknotes.
- Debit and Credits Cards in Norway
According to international statistics, this is the most used payment method by Nordmenn, underlining 72.2% own a credit card. With a population of 5.65 million people, you may think the subject is a small-scale market, yet the number of transactions due to the economic position of the country can surprise you- Average value of annual transaction per user is $3,602, which is immense compared to many crowded European countries.
Norway has an 18.1 population aged 65 and above, yet this percentage is closely related to their plastic cards. The trustworthiness and smoothness of cards make them popular even in a society with a median age of 39.8 years. The most common credit and debit cards are Visa, Mastercard, American Express, and BankAxept, which is a Norwegian branded card to purchase goods and services.
On the other hand, when we consider the grave difficulties and heavy regulations to creating a bank account in Norway, these debit cards can be uphill to own for those who have no residency. Then, we better move forward to digital wallets for an easier path.
- Digital Wallets in Norway
As a next-gen evolution of traditional banking systems at a snail’s pace, digital wallets ideally feature in speed, ease, and functionality. Thus, most futurists foresee that digital wallets will take the throne of brick-and-mortar banks in the near future because none of us has time to wait in an airless bank branch to operate our accounts and money transfers in the modern world.
Opening a digital wallet account is a downhill process, even for those who are not familiar with mobile applications. Users may desire to create their accounts via a web browser or a provided app for mobile devices. In both conditions, all you need is to insert your personal data. In a couple of minutes, your account will be ready to use.
Since all these establishments use highly secure encryption methods, they are much safer for your personal and financial information than mobile banking. Plus, fingerprint scanning makes it double-secure. In addition to easy registration and security, digital wallets require low transaction fees and are sometimes free of charge among the same company users. For instance, our state-of-art digital wallet, Jeton Wallet, presents completely free international money transfers when the recipient and sender are both our users.
In both in-store and online shopping, consumers of Norway are aware of the usability of e-wallets, so you will find many people holding more than one e-wallet account and spending through NFC technologies in cafeterias, restaurants, and even on transportation.
- Cryptocurrency in Norway
Trading Bitcoin, other cryptocurrencies, and tokens are legal and classified as an investment asset by the Norwegian government, which can be pretty conservative when it comes to money transfers and suspicious payment activities from time to time. It is not a secret that cryptocurrencies have evolved into profitable assets due to their high volatility and popularity. Just like any country, Norway understands the bright future of digital coins and does not block its residents from taking advantage of them.
Jeton Wallet in Norway
Our Jeton Wallet is in the service of Mighty Vikings’ grandchildren! As an accomplished digital wallet company active in more than 100 countries worldwide through over 50 fiat currencies and cryptocurrencies (Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, Tether), we provide an exquisite online experience for our Norwegian users.
You do not have to worry about pricey exchange rates and transaction fees while transferring or receiving money abroad. You can expand your fiat and cryptocurrency portfolio beyond Norwegian Krone. Our exchange fees are one of the lowest in the market, whereas we do not charge our members when both sides of the transaction are Jeton Wallet users.
We have launched a Visa-based debit card, Jeton Card, recently. So you will have the privilege of utilising it in your physical or online purchases. Moreover, for any further questions, our responsive and professional customer service is ready to assist you 24/7/365.
Visit jeton.com today to register for an online payment experience you have never been into and carry your online payments beyond your expectations!