Finland Cards and Payments – Opportunities and Risks to 2028

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GlobalData’s ‘Finland Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Finnish cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfer, direct debits, and cheques during the review-period (2019-23e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024-28). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Finland Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Finnish cards and payments industry, including –
Current and forecast values for each market in the Finnish cards and payments industry, including debit, credit and charge cards.
Detailed insights into payment instruments including cards, cash, credit transfer, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
Ecommerce market analysis.
Analysis of various market drivers and regulations governing the Finnish cards and payments industry.
Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
The competitive landscape of the Finnish cards and payments industry.

Finland Cards and Payments Market Dynamics

Cards are the preferred method of payment among Finnish consumers. The convenience of cards enhanced security, and the growing adoption of contactless has supported the growth of card-based transactions. Debit cards are the preferred card type for payments in Finland.

The emergence of digital-only banks, rising e-commerce, and the adoption of contactless payments will further aid the transition toward a cashless society. Overall consumer spending has been directly impacted by the COVID-19 pandemic, with the travel & tourism, and hospitality sectors among the most affected. With the country now recovering, the gradual rise in consumer spending along with the growing preference for digital payments will help boost the country’s payment card market.

Finland Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Finland cards and payments market are cash, cards, credit transfers, mobile wallets, cheques, and direct debits. In 2022, the card was the major payment instrument. Payment cards are popular in Finland and are widely used both online and in-store. Convenience, enhanced security, and the growing adoption of contactless have supported the growth of card-based transactions.

Finland Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Finland Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

For more payment instrument insights into the Finland cards and payments market, download a free report sample

Finland Cards and Payments Market Segments

The key segments in the Finland cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, p2p payments, bill payments, and alternative payments.

Finland Cards and Payments Market - Competitive Landscape

Some of the leading players in the Finland cards and payments market are OP Bank, S-Pankki, Nordea, Danske Bank, Saastopankki, and Aktia Bank among others.

Finland Cards and Payments Market Report Overview

Market Size (2022) $70.3 billion
CAGR >5%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Cash, Cards, Credit Transfers, Mobile Wallets, Cheques, And Direct Debits
Key Segments Card-Based Payments, E-Commerce Payments, In-Store Payments, Buy Now Pay Later, Mobile Payments, P2P Payments, Bill Payments, and Alternative Payments
Leading Players OP Bank, S-Pankki, Nordea, Danske Bank, Saastopankki, and Aktia Bank

Segments Covered in the Report 

Finland Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

  • Cash
  • Cards
  • Credit Transfers
  • Mobile Wallets
  • Cheques
  • Direct Debits

Finland Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

  • Card-Based Payments
  • E-Commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

With the aim of providing an integrated cross-border payment system for the Nordics, in 2017, Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank started collaborating to develop the P27 Nordic Payments Platform, with a solution planned to go live in 2023. However, in April 2023, P27 withdrew its clearing license application. The partner banks will now reassess the direction and scope of the initiative.

Contactless payments are on the rise in Finland, driven by increased promotion by banks and scheme providers. All of the country’s major banks now offer contactless cards. The declining use of cash and near-daily use of payment cards means the scope for contactless is significant. Contactless payments have also been integrated into public transport systems. For example, in February 2022, Helsinki Regional Transport enabled open-loop contactless payments on the city’s public transport system, in collaboration with transit payment services provider Littlepay. Commuters can make payments by tapping their contactless payment card or mobile wallet against readers installed on buses.

Rising adoption of mobile wallets is attributed to features such as user-friendly interfaces, diverse funding methods, and the convenience of eliminating the need for a physical wallet. In addition, many mobile wallets have varied use cases, such as in-store and online payments, P2P transfers, and bill payments. In October 2021, MobilePay partnered with the Finnish Government Shared Services Centre for Finance and HR (Palkeet) to enable MobilePay as a payment method for government agency bills.

Key Highlights

  • Finland is one of the most developed contactless card markets in the world, with the majority of consumers using contactless cards. Amid COVID-19, Finnish consumers are increasingly shifting to contactless payments to avoid social contact. In February 2022, Helsinki Regional Transport enabled open-loop contactless payments on the city’s public transport system in collaboration with transit payment services provider Littlepay. Commuters can make payments by tapping their contactless payment card or mobile wallet on contactless readers installed on buses. Vaasa became the fifth city to enable open-loop contactless payments after Hameenlinna, Helsinki, Tampere, and Oulu.

  • The proliferation of digital-only banks will further support debit card market growth. In January 2022, Revolut launched its banking services in the country. It offers individual and business accounts along with a Mastercard-branded debit card. Meanwhile, Finland-based banking services provider Holvi offers a range of bank accounts and debit cards, including virtual debit cards.

Reasons to Buy

Make strategic business decisions, using top-level historic and forecast market data, related to the Finnish cards and payments industry and each market within it.

Understand the key market trends and growth opportunities in the Finnish cards and payments industry.

Assess the competitive dynamics in the Finnish cards and payments industry.

Gain insights into marketing strategies used for various card types in Finland.

Gain insights into key regulations governing the Finnish cards and payments industry.

Nordea
OP Bank
S-Pankki
Danske Bank
Saastopankki
Bank of Aland
SEB
Aktia Bank
Svenska Handelsbanken
Visa
American Express
Mastercard

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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