Digital payments in Finland - statistics & facts
Digital payments have become increasingly common all over the world. Finland's digital payment landscape is developing swiftly, with online payment services and debit cards leading the way. This change is not limited to established platforms, as cryptocurrency adoption is also on the rise, particularly among younger Finns. The changing preferences of Finnish consumers are reshaping the way transactions are conducted, with digital wallets like Google Pay and Apple Pay gaining popularity in recent years.
Looking ahead, Finland's fintech market is poised for substantial growth. With an increasing number of users and easier access to digital payment services, Finland's financial landscape is forecast to continue its increase in the average revenue per user (ARPU). As cash usage continues to decline, Finland's payment ecosystem is evolving rapidly, offering a glimpse into the future of financial transactions in the digital age.
Changing dynamics in physical stores
While online payments are rising in popularity, the in-store payment scene in Finland is also experiencing changes. Debit cards remain the dominant method for in-store transactions, with credit cards holding a smaller market share. However, cash payments in physical stores continued to decline, giving way to digital wallets. The growing popularity of services like PayPal, Denmark's MobilePay, and Sweden's Nordea Wallet is contributing to this shift. Regarding payment options, young Finns prefer to use MobilePay.Cash declines as digital wallets surge
The variety of payment methods in Finland has been moving toward digital solutions and away from traditional cash transactions. Between 2018 and the second quarter of 2024, the share of cash transactions at point-of-sale (POS) in Finland experienced a substantial decline of 18 percent. This move away from cash is further evidenced by the growing adoption of digital wallet solutions. However, online banking remained the favorite payment method across all age groups, with an average usage of nearly 36 percent. As digital payment options continue to expand, factors such as safety and convenience play crucial roles in shaping consumer preferences.Looking ahead, Finland's fintech market is poised for substantial growth. With an increasing number of users and easier access to digital payment services, Finland's financial landscape is forecast to continue its increase in the average revenue per user (ARPU). As cash usage continues to decline, Finland's payment ecosystem is evolving rapidly, offering a glimpse into the future of financial transactions in the digital age.
