Finland Cards and Payments – Opportunities and Risks to 2024

GlobalData’s ‘Finland Cards and Payments – Opportunities and Risks to 2024' 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 cash, cards, credit transfers, and cheques during the review-period (2016-20e).

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 (2020e-24f). 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.

This 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 and credit cards.

– Detailed insights into payment instruments including cash, cards, credit transfers, and cheques. It also, includes an overview of the country's key alternative payment instruments.

– E-commerce 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 and credit cards.


– The Finnish government is taking initiatives to curb high interest rates on unsecured credit in the country. Consequently, the Finnish Parliament introduced a cap on interest rates charged on unsecured credit (including credit cards) at 20% per annum in September 2019. While this move is likely to encourage consumer spending, and reduce their debt obligations, card issuers are likely to cut down on credit card reward benefits, with an increase to the annual or monthly fee to compensate for the income loss.

– Contactless payments are growing at a rapid pace in Finland, which is one of the reasons for the increase in the card payment market. According to the central bank, 90% of cards in circulation incorporated a contactless feature in 2019. To further increase the popularity of contactless payments, the maximum limit of contactless payments without a PIN was increased from €25 ($28.07) to €50 ($56.14) in April 2019. Contactless payments further boosted since the outbreak of COVID-19 (COVID-19). As a result of pandemic, Finnish consumers are increasingly shifting to contactless payments to avoid social contact. According to S-Pankki, the share of contactless card payments as proportion of the overall bank’s card transactions increased from 55% at the end of March 2020 to 63% in the first week of June that year.

– As a part of the second Payment Services Directive (PSD2), new security requirements for online payments have come into effect in the European Economic Area from January 1, 2021. In accordance with the directive, all online payments need to be confirmed by strong authentication such as a security PIN received through an SMS or biometrics. The improved security of online payments will further support the use of electronic payment tools for ecommerce purchases.

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.

Companies mentioned

OP Bank, S-Pankki, Nordea, Danske Bankt, Saastopankki, Aktia Bank, Svenska Handelsbanken, Bank of Aland, Visa, Mastercard, American Express, Diners Club

Table of Contents

Table of Contents

Payment Instruments

Card-based Payments

Ecommerce Payments

Buy Now Pay Later

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Job Analysis

Payment Innovations

Payment Infrastructure & Regulation



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