Danske Bank has struck a new five-year agreement with Nets in order to issue and develop the Dankort card.

Nets already has a similar agreement jointly with the banks in the region. That agreement will expire on 31 December 2019.

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The new agreement is directly between Danske Bank and Nets.

This enables the bank’s clients to make payments with the Dankort card even after the expiration of the original agreement.

Nets group CEO Bo Nilsson said: “Danske Bank’s decision is an important step towards creating a stable foundation for the Dankort card of tomorrow, so it can retain and develop its position in society as a secure, innovative and cost-effective means of payment.”

Moreover, Danske Bank and Nets plan to work jointly in an effort to strengthen Denmark’s payment infrastructure.

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Danske Bank interim CEO Jesper Nielsen said: “It is not possible to predict what the payment market will look like over the coming years, and it is therefore also difficult to make long-term plans in the area.

“What we consider most important is that our customers are able to make easy, secure and inexpensive payments, and, with this agreement, we also assume joint responsibility for cooperating to develop the payment infrastructure in Denmark for the benefit of Danish consumers and businesses.”