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(MoneyNewsWire.Net, November 16, 2018 ) Denmark has the world’s highest level of income equality. Danes have the highest per capita income in the world and Danish financial markets rank 10th among the world’s strongest financial markets. The Danish cards and payments industry is one of the well-developed and highly regulated in the world.
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The cards and payments industry in Denmark has its roots in the 1960s, when Danish banks were among the first in the world to develop and invest in electronic payment services. In 1983, Danish company PBS A/S introduced the country’s national debit card, the Dankort, and since then, consumers’ entire payment preferences have shifted from cash and check payments to the Dankort. Despite growing competition from international payment cards, Dankort and its co-badged solutions still dominate the Danish cards and payments industry.
Advanced banking system with a sophisticated regulatory framework
Strongly regulated frameworks and a well-organized settlement system give the Danish cards and payments industry an edge over other economies. The National Bank of Denmark, along with the Danish Competition and Consumer Authority (DCCA), guide the Minister for Economic and Business Affairs in regulating the industry.
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The Dankort – the key factor
The overall growth in card payments has been led by the Dankort. Its secure operations and high acceptability across the country were key factors contributing to the shift from checks to cashless payments. The penetration of the Dankort is so high that almost every Dane in the country has one. The cards are accepted at more than 80,000 shops and 13,000 online shops in Denmark.
Continuous government efforts to improve competency and regulate growth of the market
The Ministry of Economic and Business Affairs, along with the DCCA, made necessary changes in Denmark's laws and regulations to meet the industry’s competitive needs. Regulators have also built a well-developed infrastructure in terms of a hierarchy, enabling international operators to enter the country. Trade settlements are well organized and operationally very efficient, and this has enabled the cards and payments industry to grow in a fast-moving world.
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