Finland Cards and Payments – Opportunities and Risks to 2026

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Finland Cards and Payments Market Overview

The Finland cards and payments market size was valued at $70.3 billion in 2022 and is expected to achieve a CAGR of more than 5% during 2022-2026. Finland is one of the most developed contactless card markets in the world, with most consumers using contactless cards. Amid COVID-19, Finnish consumers are increasingly shifting to contactless payments to avoid social contact. The proliferation of digital-only banks will further support debit card market growth.

The Finland cards and payments market research report provides a detailed analysis of market trends in the Finland cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, cards, credit transfers, and direct debits during the review period. It 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. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Finland Cards and Payments Market Outlook, 2022-2026 ($ Billion)

Finland Cards and Payments Market Outlook, 2022-2026 ($ Billion)

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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 (%)

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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

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

The report provides top-level market analysis, information, and insights into Finland’s cards and payments industry, including –

  • Make strategic business decisions, using top-level historic and forecast market data, related to Finland’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Finland’s cards and payments industry.
  • Assess the competitive dynamics in Finland’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Finland.
  • Gain insights into key regulations governing Finland’s cards and payments industry.

OP Bank
S-Pankki
Nordea
Danske Bank
Saastopankki
Aktia Bank
Svenska Handelsbanken
Bank of Aland
Visa
Mastercard
American Express
Diners club
Klarna
Riverty
Qliro
MobilePay
PayPal
Google Pay
Apple Pay
Pivo
Click to Pay
Curve

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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