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Finland Country Report

  • Published Date: August 2019

A comprehensive overview of the cards, payments and consumer banking market in Finland


What you will learn from this report:

  • Why credit card profitability remains high
  • How interchange caps have affected the profit pool in Finland
  • Which regulatory moves are impacting the market – and payments infrastructure
  • How Finns, through apps such as Siirto, are using payment methods
  • Where foreign players have been finding market opportunities

Finland Cards and Payments Market Key Facts

  • Finland has a well-developed and established payment cards market with similar usage levels to the other Nordic countries. Finnish adults made, on average, 413 card payments each in 2018.
  • Contactless is being rapidly adopted by Finnish cardholders. One in three card transactions were contactless in 2018, up from one in fifty in 2015.
  • Debit cards are preferred to credit cards among most consumers, accounting for over 80 percent of total card spend in the country.
  • The credit cards market remains profitable however thanks to extremely high credit quality. Loss rates on credit cards are among the lowest in the world.
  • Bank transfer is the most popular payment method for online transactions. A total of $9 billion of online purchases was paid for by bank transfer in 2018, compared to $4 billion by card.
  • Payment by invoice is also popular in Finland, where official bodies have been accepting electronic invoices since 2010, and e-invoicing between private companies is widespread.
  • Mobile payments are growing in popularity, but the country, unlike other Nordics, lacks a clear leader. Danish platform MobilePay has gained most traction in the market but competes with the domestic service Siirto among others.
  • A real-time payments working group was established in 2018 to examine Finland's instant payments options. There is currently no fully operational real-time payments platform in the country.
  • OP Financial is cooperating with five other banks in the region to create a pan-Nordic payments infrastructure. The project, named P27, is expected to be operational in 2020.
  • Finland has an unusual merchant acquiring model: almost all credit and debit card acquiring is processed by Nets, which has an effective monopoly in the country.


View the Finland Country Report Table of Contents

Key facts
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information

Appendices: Data

Appendix I: Demographics and the economy

  • Demographic and economic indicators
  • Ownership of key consumer devices
  • Internet usage by population

Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods

Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics
  • Appendix IV: Mobile payments
  • Mobile proximity payment metrics
  • Mobile P2P payments

Appendix V: Profit pool

  • Profit pool

Appendix VI: The networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees by network
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees by network

Appendix VII: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers

Appendix VIII: Acquiring and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by number of POS transactions

Appendix IX: Online acquiring

  • Online merchant acquirer market share


Entities referenced in this report

Aktia Wallet
Alipay
American Express
André Oscar Wallenberg
Apple
Apple Pay
Automatia
Bank Norwegian
Basel III
Checkout Finland
Competitiveness Pact
Concardis
Consumer Protection Act
Danske Bank
DIBS
Diners Club
Diners Club International
Discover
Discover Global Network
DNB
ECB
Elisa Lompakko
ESAs
Eurocard
European Banking Authority
European Supervisory Authorities
Federation of Finnish Financial Services
Finance Finland
Financial Supervisory Authority
FIN-FSA
Finnair
Finnish Payments Council
Finnish-Financial Supervisory Authority
Fitbitpay
Google
Google Pay
Handelsbanken
K-Plussa
Mastercard
MobilePay
Municipality Finance
N26
Nets
Nets Holding
Nordea Bank
Norwegian Air Shuttle
OP Financial Group
OP Pivo
OP Pohjola Group
OsuusPankki
P27
Pankkikortti
Parliamentary Commerce Committee
Payment Highway
Payment Institutions Act
Payment Services Act
Paytrail
Pivo
Pohjola Bank
POPS
Project 27
PSD2
PULSE
revised Payment Services Directive
Revolut
Säästöpankki
Savings Bank Group
S-Bank
SEB
SEB Kort
SEPA
SEPA Instant Credit Transfer scheme
Siirto
Single Euro Payments Area
Skandinaviska Enskilda Banken
S-Mobile
SOK
Sony PlayStation
Statistics Finland
Strong Customer Authentication
Suomen Verkkomaksut
Swedbank
Swish
Tampere
UnionPay
Visa
Visa Electron
Xbox

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Available for 72 markets, Verisk Financial Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

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