Iceland

IS · ISL · 352EuropeISK kr18 methods

Revised · 5 sources

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Over 90% of all transactions in Iceland are made with payment cards — one of the world's highest card usage rates

$690 m

e-commerce spend · 2024e

~0.36M

online population

~22%

of total retail

~99%

banked adults

~90%

credit card population

Mix Methods Behaviour Banks Sources Facts

Payment mix

share of e-commerce spend · 2024e

CategoryLeading methodShare

CardVisa50%
E-WalletGoogle Pay30%
Bank TransferSEPA Direct Debit12%
Cash—5%
Other—3%

Methods in use

top 8 of 18 · by spend

MethodTypeShare

All 18 methods in Iceland →

Checkout behaviour

Cash represents just 2.3% of GDP, making Iceland one of the most cashless economies globally

78% of Icelanders used credit cards for a recent online purchase; 46% name it their preferred method

~22%

e-commerce of retail

Facts

ISO 3166: IS · ISL · 352
Region: Europe
Population: 0.38M
Currency: ISK kr
Internet use: ~96%
Banked adults: ~99%
Methods live: 18
Banks covered: 5

Largest banks

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Sources

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