Eighties

The first credit card company in Iceland was founded in 1980. The company, the predecessor of Borgun, was called EUROCARD in Iceland – Kreditkort hf. The first decade was characterised by growth in the number of cardholders and merchants as well as product devolopment and ever-growing service.

Nineties

The company, now called EUROPAY Iceland, continued devoloping new products and services. Debit cards were introduced in Iceland and electronic use of credit cards became the dominant form.

2000-2007

The name of the company was changed to MasterCard – Kreditkort hf in following with the emphasis on the MasterCard brand. A multitude of new products and services were offered, including the first prepaid credit cards in Iceland. Borgun started acquiring American Express transactions and offered acquiring services in currencies other than Icelandic krona.

2007-2009

The issuing and acquiring part of the company were separated into two companies, Borgun the acquirer and Kreditkort the issuer. Borgun now offers acquiring services to merchants and issuing processing services to issuers.

The first American Express cards were issued in Iceland in 2008 with Borgun being the acquirer for the brand in Iceland.

At the beginning of the year 2009 Borgun starts offering acquiring services for VISA and VISA Electron and becomes the only Icelandic acquirer that can acquire all card brands accepted in Iceland. At the same time merchants can now received daily settlements.