The Cards and Payments Industry in Finland: Emerging Trends and Opportunities to 2021

GlobalData’s 'The Cards and Payments Industry in Finland: Emerging Trends and Opportunities to 2021' 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 direct debits, check payments, payment cards, cash transactions and credit transfers during the review period (2012–2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2017–2021). It also offers information on the country's competitive landscape, including the 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 details of regulatory policy and recent changes in the regulatory structure.

Scope

• This report provides a comprehensive analysis of the Finnish cards and payments industry.

• It provides current values for the Finnish cards and payments industry for 2016, and forecast figures to 2021.

• It details the different demographic, economic, infrastructural and business drivers affecting the Finnish cards and payments industry.

• It outlines the current regulatory framework in the industry.

• It details marketing strategies used by various banks and other institutions.

Key Highlights

• Contactless technology is gradually gaining acceptance among Finnish consumers. By the end of 2016, the number of contactless cards in Finland is anticipated to reach 5.5 million, and this is expected to double by the end of 2021. The latest initiatives in contactless payments include the collective introduction of MasterCard-branded contactless cards by Euroloan Consumer Finance and the Compass Card in August 2015, and the MasterCard Bankkontokort debit card with contactless functionality by Ålandsbanken in 2014. Contactless mobile payments (m-payments) are also gaining prominence. For instance, Finnish telecommunications company Elisa and convenience store chain R-Kioski began selling pre-loaded near-field communication (NFC) payment stickers in April 2014, featuring MasterCard’s PayPass technology.

• To capitalize on the fast-growing m-payments market, an increasing number of retailers are allowing customers to make payments by mobile phone. OP-Pohjola Group launched a mobile wallet app, Pivo, in March 2015. This wallet uses Host Card Emulation (HCE) technology to emulate a card on an NFC-enabled device to make contactless payments. This service is available for holders of Visa Debit and Visa Electron cards. Since May 2014, Finnish hamburger chain Hesburger has allowed customers to make payments and redeem reward points by using the Seqr mobile app, developed by Swedish company Seamless.

• In line with Nordic regional trends, Finland has made significant progress towards becoming a cashless society, as several companies and government offices in Finland have abandoned its use. The National Land Survey of Finland stopped accepting cash in two customer service branches in North Karelia during January–April 2013; the primary reason was to save costs, as cash deposits needed to be sent to the bank once or twice daily. As the trial was successful, the National Land Survey of Finland stopped accepting cash in all branches in Central and Southern Finland, as well as Pirkanmaa-Satakunta. Aurinkomatkat, one of Finland’s largest travel agencies, has also terminated cash payments in its service offices.

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-Pohjola Group

Nordea Bank

Danske Bank

SEB Kort

Ålandsbanken

American Express

Visa

MasterCard

Diners Club

Table of Contents

1 DEFINITIONS AND METHODOLOGY

1.1 Definitions

1.2 Methodology

2 KEY FACTS AND HIGHLIGHTS

3 EXECUTIVE SUMMARY

4 PAYMENT INSTRUMENTS

5 E-COMMERCE AND ALTERNATIVE PAYMENTS

5.1 E-Commerce Market and Payment Methods

5.2 Alternative Payment Solutions

5.2.1 Klarna

5.2.2 PayPal

5.2.3 MobilePay

5.2.4 Euteller

5.2.5 Trustly

5.2.6 Pivo mobile wallet

5.2.7 Seqr

5.2.8 Elisa Lompakko

5.2.9 Uniqul – Facial recognition algorithms

5.2.10 Bango carrier billing

6 REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY

6.1 Regulatory Framework

6.1.1 SEPA cards framework

6.1.2 Interchange fee regulation

6.2 Anti-Money Laundering (AML)

6.3 Foreign Direct Investment (FDI) Regulations

7 ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS

8 PAYMENT CARDS

9 DEBIT CARDS

9.1 Debit Cards Market Analysis

9.2 Competition in Debit Cards Market

9.3 Debit Cards Comparison

10 PAY LATER CARDS

10.1 Pay Later Cards Market Analysis

10.2 Competition in Pay Later Cards Market

10.3 Pay Later Cards Comparison

11 CARD ISSUERS

11.1 OP-Pohjola Group

11.2 Nordea Bank

11.3 Danske Bank

11.4 SEB Kort

11.5 Ålandsbanken

12 APPENDIX

12.1 Tables

12.2 Contact GlobalData

12.3 About GlobalData

12.4 GlobalData’s Services

12.5 Disclaimer

List of Tables

Table 1: Key Definitions

Table 2: Annual Average Exchange Rate

Table 3: Finland – Key Facts, 2016

Table 4: Regional Benchmarking of Finnish Payment Cards, 2016

Table 5: Finland – Mode of Entry of Foreign Banks

Table 6: Finland – Debit Cards Comparison and Key Features, 2016

Table 7: Finland – Gold Credit Cards Comparison and Key Features, 2016

Table 8: Finland – Premium Credit Cards Comparison and Key Features, 2016

Table 9: Finland – Payment Instrument Transaction Values (EUR Billion), 2012–2016

Table 10: Finland – Payment Instrument Transaction Values (US$ Billion), 2012–2016

Table 11: Finland – Payment Instrument Transaction Volumes (Million), 2012–2016

Table 12: Finland – Number of Payment Cards in Circulation by Type (Million), 2012–2021

Table 13: Finland – Volume of Payment Card Transactions by Type (Million), 2012–2021

Table 14: Finland – Value of Payment Card Transactions by Type (EUR Billion), 2012–2021

Table 15: Finland – Value of Payment Card Transactions by Type (US$ Billion), 2012–2021

Table 16: Finland – Number of Debit Cards in Circulation (Million), 2012–2021

Table 17: Finland – Debit Card Transaction Volumes and Frequency by Channel, 2012–2021

Table 18: Finland – Debit Card Total and Average Transaction Values by Channel, 2012–2021

Table 19: Finland – Debit Card Total and Average Transaction Values by Channel, 2012–2021

Table 20: Finland – Number of Debit Cards in Circulation by Scheme (Million), 2012–2016

Table 21: Finland – Debit Card Transaction Values by Scheme (EUR Billion), 2012–2016

Table 22: Finland – Debit Card Transaction Values by Scheme (US$ Billion), 2012–2016

Table 23: Finland – Debit Card Transaction Values by Issuer (EUR Billion), 2012–2016

Table 24: Finland – Debit Card Transaction Values by Issuer (US$ Billion), 2012–2016

Table 25: Finland – Number of Pay Later Cards in Circulation (Million), 2012–2021

Table 26: Finland – Pay Later Card Transaction Volumes and Frequency by Channel, 2012–2021

Table 27: Finland – Pay Later Card Total and Average Transaction Values by Channel, 2012–2021

Table 28: Finland – Pay Later Card Total and Average Transaction Values by Channel, 2012–2021

Table 29: Finland – Number of Pay Later Cards in Circulation by Scheme (Thousand), 2012–2016

Table 30: Finland – Pay Later Card Transaction Values by Scheme (EUR Million), 2012–2016

Table 31: Finland – Pay Later Card Transaction Values by Scheme (US$ Million), 2012–2016

Table 32: Finland – Pay Later Card Transaction Values by Issuer (EUR Million), 2012–2016

Table 33: Finland – Pay Later Card Transaction Values by Issuer (US$ Million), 2012–2016

Table 34: Finland – Personal and Commercial Pay Later Card Transaction Volumes (Million), 2012–2021

Table 35: Finland – Personal and Commercial Pay Later Card Transaction Values (EUR Million), 2012–2021

Table 36: Finland – Personal and Commercial Pay Later Card Transaction Values (US$ Million), 2012–2021

Table 37: Finland – Number of Commercial Pay Later Cards in Circulation (Thousand), 2012–2021

Table 38: Finland – Commercial Pay Later Card Transaction Volumes (Million), 2012–2021

Table 39: Finland – Commercial Pay Later Card Transaction Values (EUR Million), 2012–2021

Table 40: Finland – Commercial Pay Later Card Transaction Values (US$ Million), 2012–2021

List of Figures

Figure 1: Finland – Payment Instrument Shares by Transaction Value (%), 2012 vs 2016

Figure 2: Finland – Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016

Figure 3: Finland – E-Commerce Value, 2012–2021

Figure 4: Finland – E-Commerce Payment Methods, 2016

Figure 5: Finland – Population

Figure 6: Finland – Economic Indicators

Figure 7: Finland – ATMs and POS Terminals

Figure 8: Finland – Household Consumption

Figure 9: Finland – Growth in Payment Cards Transaction Values, 2012–2021

Figure 10: Finland – Number of Cards in Circulation by Type, 2012–2021

Figure 11: Finland – Debit Card Penetration, 2016

Figure 12: Finland – Turnover Per Debit Card, 2016

Figure 13: Finland – Debit Card Scheme Shares in Terms of Transaction Value (%), 2016

Figure 14: Finland – Debit Card Issuer Shares in Terms of Transaction Value (%), 2016

Figure 15: Finland – Pay Later Card Penetration, 2016

Figure 16: Finland – Turnover Per Pay Later Card, 2016

Figure 17: Finland – Pay Later Cards Scheme Shares in Terms of Transaction Value (%), 2016

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