When we say “Norway”, everyone has another inspiration. Some of us remember breathtaking fjords, endless lakes, and Aurora Borealis when others may think of exceptional Eurovision entries of this Nordic country. What about the delicious Norwegian salmon that has become a brand itself? Norway stands with an impressive history that we can only understand a tiny part from legendary Norse sagas and popular Viking series. In this article, we will look closely at Norway’s economical aspects and the most convenient payment options in Norway for merchants and individuals.
Being a country across the Arctic Circle, the Kingdom of Norway has a considerably low population density up to its total area. It is a common misjudgment that the combination of low population and challenging altitude may lead to being mistaken about the country having a low profile in the global economy. We are talking about a massive export rate with high income and various business segments. What are they? It is a well-known fact that Scandinavian countries possess great reserves of petroleum and natural gas. Norway is one of the world’s largest providers of natural gas and oil outside of the Middle East. As we all know, these two main subjects have been forming the world’s objectives of both foreign and economic politics. Therefore, it would not be inaccurate to state Norway as one of the playmakers in the financial world. There is more! The country also exports lumber, seafood, and multiple minerals such as apatite, carbonates, graphite, quartz, titanium, and vanadium.
Known as the world’s largest sovereign wealth fund with a high Human Development Index, not surprisingly, Norway has been titled “The land of happiest people” by the World Happiness Report for years. Nordmenn has a happy, healthy, equal, and safe life with a solid social security system, universal health care, and the lowest crime rates around the globe. How about the financial habits going along with these life standards that many of us are jealous of.
What are the Most Popular Payment Methods in Norway?
If you have had the opportunity to visit this spectacular land before, you probably experienced that the country has gone cashless for a while. Actually, going cashless not only eases the payer’s life but also authenticates and formalizes the transactions in circulation. Therefore, this inclination for payments in Norway increases economic growth by helping to curb corruption and the flow of black money. Furthermore, the expenses in printing and transportation of currency notes are down significantly. When financial transactions are not in banknotes or coins, it is possible to transfer digital information between the transacting parties. At this point, the most preferred ones are:
- Debit/Credits Cards: Plastic card usage is pretty common in Norway. The functionality and easiness of these cards lead to more popularity day by day. The most common ones are Visa, Mastercard, American Express, and BankAxept, a local branded card to pay for goods and services downhill and securely.
- Pay-Later Options: For those who do not want to delay their purchases, these services offer “have it now, pay later”. On the other hand, pay-later methods can be a life-saver for merchants who need to close a deal instantly or deal with the supplier as soon as possible. We can name Klarna and ViaBill for those interested in this payment service.
- Digital Wallets: Being next-gen paths to utilize, digital wallets are the future of payments worldwide. Besides their high security, ease of registration, and low transaction fees, these mobile payment services open an era where most of them also provide a debit card attached to the subject account. Plus, through these applications, digital wallet owners have complete control over their money flow. The most popular digital wallets in Norway are Jeton, Google Pay, Apple Pay, and PayPal.