We are aiming towards a future as a leading European payment provider, as a way to strengthen our commitment to cash further
Nokas was founded in 2001 by the Norwegian Central Bank and several commercial banks.
After the pandemic in 2020-21 the share of cash transactions declined to an average of below 10 % in the Nordic countries, leaving Nokas in a challenging position. Yet the need for cash remains critial, both for convenience, contingency and the surprisingly large share of inhabitants lacking other options.
In late 2021 we made a change in management, with the goal of optimizing our business for the new, smaller Cash Management market. In the following three years, Nokas has become a viable, solid business. Today we are delivering cash management services in Norway, Denmark and Finland, and operating ATMs in Norway, Sweden, Denmark and Finland.
Having completed our rightsizing and optimization, we have looked into how we can continue improving our services and growing.
Our new vision is to become a leading European payment provider.
In the Nordic countries cash is often seen as an inconvenience for the merchant. We want all cash handling at the merchant's side to be effortlessly integrated into the relevant routines. That requires a more comprehensive look at the merchant's processes and tools. With mobile payments on the rise, traditional card payments in decline and still needing to handle cash, we want to offer our customers a more complete, convenient and hassle-free service, that covers all the bases transparently.
We also aim to strengthen our business further by gradually extending our market beyond the Nordic countries into the rest of Europe.