Finland Cards and Payments – Opportunities and Risks to 2028

Finland Cards and Payments Market Report Overview

The annual value of card transactions in the Finland cards and payments market was $72.9 billion in 2023. The value is expected to grow at a CAGR of more than 4% during 2024-2028. Finland has a matured digital payments market facilitated by widespread familiarity with electronic payments, a highly banked population, and a well-established payment infrastructure.

Finland Card Transactions Outlook, 2024-2028 ($ Billion)

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The Finland cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Finland cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Finland Cards and Payments Market Dynamics

The rise of contactless cards and surge in retailer acceptance are significantly boosting electronic transactions, marking a shift towards digitalization. The growth of electronic payments is also being propelled by card and mobile payments, facilitating seamless in-store, online, P2P, and consumer-to-business transactions. Furthermore, the availability of a diverse range of alternative payment solutions (including MobilePay, Pivo, Apple Pay, and Google Pay) is also steering consumers away from cash transactions.

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Finland Cards and Payments Market Segmentation by Payment Instruments

Payment cards had the highest transaction volume in the Finland payments space in 2023

The key payment instruments in the Finland cards and payments market are cards, credit transfers, direct debits, cash, and cheques. Convenience, enhanced security, and the growing adoption of contactless have supported the growth of card-based transactions. Well-developed payment infrastructure and high merchant acceptance have also helped make cards the preferred consumer payment instrument.

Finland Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Finland Cards and Payments Market Segments

Debit cards led the card-based payments segment in 2023

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

Card-Based Payments: Finnish consumers are prolific users of payment cards. The transition from cash to cards is evident in the expanding number of POS terminals and the decline in ATMs across Finland. Incentives such as reward programs and discounts also help drive a robust card payment ecosystem. The Finnish payment card market is dominated by the debit cards category. High banking penetration and consumers’ preference for debit cards help drive this growth.

Finland Card-Based Payments Market Analysis, 2023 (%)

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Finland Cards and Payments Market - Competitive Landscape

A few of the leading players in the Finland cards and payments market are:

• Apple Pay
• Google Pay
• PayPal
• Pivo
• Mobile Pay
• Klarna

Apple Pay: Apple Pay is a digital wallet solution launched by Apple in Finland in October 2017. The solution allows users to store debit, credit, prepaid, and store card details within Apple Pay to make payments at merchant outlets. In Finland, the solution supports cards issued by banks and payment services providers including Aktia Bank, American Express, Curve, iCard, Danske Bank, Edenred, Morrow Bank, Monese, N26, Nordea, Revolut, SAS Travel Wallet, and ST1.

Finland Cards and Payments Market Analysis by Players, 2023

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Finland Cards and Payments Market – Latest Developments

• 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.

Segments Covered in the Report

Finland Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2028)

• Cards
• Credit Transfers
• Direct Debits
• Cash
• Check

Finland Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2028)

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

Reasons to Buy

• Make strategic business decisions, using top-level historical 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.