Finland Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Finland Payments Market is segmented by Mode of Payments (Point of Sale(Card Payments (Debit card, Credit card, Bank Financing Prepaid Card), Digital Wallet, Cash)), Online Sale (Card Payments (Debit card, Credit card, Bank Financing Prepaid Card), Digital Wallet), by End-User Industry (Retail, Entertainment, Healthcare, Hospitality).

Finland Payments Market Size

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Finland Payments Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.67 %
Market Concentration Medium

Major Players

Finland Payments Market

*Disclaimer: Major Players sorted in no particular order


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Finland Payments Market Analysis

The Finland Payments Market is expected to grow at a CAGR of 4.67% during the forecast period of 2022-2027. The ongoing growth of real-time payments and the Government's efforts to encourage digitalization are expected to drive market growth.

  • According to Global Payment Report, Europe's e-commerce market accounted for 11% growth in 2021 and is expected to grow at a CAGR of 11% by 2025. Digital wallets accounted for 26.7% of the payment methods, whereas credit cards accounted for 24.7%. The Buy Now Pays Later services growth drives the Finland payments market, where BNPL accounted for 12.8% of the total e-commerce share.
  • The increasing internet penetration and an increase in the E-commerce sector are driving the Finland payment market. The Government is taking several initiatives to bolster digitalization in the country. For instance, the Government has launched a digital economy transformation project to become an international pioneer in the digital economy by 2030. European Union has provided a loan of EUR 723.8 billion to boost the digital-related investment projects in Finland from 2021 to 2024.
  • Furthermore, the country focuses on collaborations with international players to develop 6G. For instance, in January 2022, Finland's University of Oulu partnered with Jio Estonia to explore digital opportunities in 6G. 6G will enable greater speed, lower latency, and greater capacity for data networks.
  • Innovative digital payment solutions are making their way into the Finland payments market. Driven predominantly by the rising use of smartphones and the emergence of digital wallet payment options such as PayPal and Buy Now Pay Later services, it emerged as the newest number one trend for online payments in Finland.
  • Furthermore, the Covid-19 epidemic has supported a significant shift in payment practice, such as a decrease in cash payments, a move from in-store to online payment methods, and the adoption of quick settlements. These shifts have offered new opportunities for Finland payment providers.

Finland Payments Market Trends

This section covers the major market trends shaping the Finland Payments Market according to our research experts:

E-Commerce is expected to drive the market growth

  • Finland was a very early adopter of the internet and had a highly developed digital infrastructure. Online shopping is prevalent in the region, yet the country still has growth potential. For instance, in 2021, Finland was ranked second in the European Union's Digital and Society Index (DESI), which shows that the country is considered one of the most developed digital economies in the European Union.
  • As per Statistics Finland, as of 2021, 95% of 16 to 24 years olds in Finland had purchased or ordered something online at least once, whereas 90% of Finnish aged between 16 to 24 years have shopped online within the past 12 months, while 73% has shopped online within the past three months.
  • The region is witnessing various strategic mergers and acquisitions within the online marketplace as companies seek to gain a stronghold in their market presence. For instance, in November 2021, DoorDash Inc. bought a food delivery start-up Wolt Enterprise Oy for approximately USD 8 million.
  • Domestic companies in the region are receiving investments that are providing a boost to the e-commerce sector in the country. For instance, in April 2022, Helsinki-based AI-powered shopping helper Upsy received EUR 1.2 million in a seed round.
  • Moreover, in February 2021, postal operator, Posti announced its plans to invest USD 113 million in a new logistic center in Finland. The new logistics center is expected to start operations around 2025 and form part of the company's overall growth strategy.
Finland Payments Market

Retail sector to have a significant growth

  • The retail industry is one of the top industries in Finland. As a result, the retail sector represents a wealth of opportunities for new business, trading, and investing. The payment market in Finland is developing with the changing customer behavior. Trends such as mobile payments, internet banking, instant payments, and the Government's growth initiatives are affecting the payment market in the country.
  • Further, citizens spend a significant share of money on categories that include food, beverages, tobacco, clothing, footwear, cosmetics, body care products, furniture, appliances for the household, and leisure items such as watches and accessories. Furthermore, various payment checkout solutions offered by top retail market players in the region are further accelerating the growth of the retail sector.
  • In November 2021, Paysafe, a payments platform, announced its partnership with Huawei, a global provider of information technology, communication infrastructure, and smart devices. The partnership will provide Paysafe's online cash solution, Paysafecard on Huawei app gallery, as an alternative payment method in Finland. This partnership will make cash-based online purchases available to millions of customers.
  • According to Statistics Finland's retail trade flash estimate, the working day adjusted retail trade turnover in the daily consumer goods trade increased by 3.2% in February 2022 from February 2021. The working day adjusted turnover increased by 3.4% in February in the daily consumer goods trade.
  • This continuous rise in the retail sector provides various opportunities to payments providers in the region to enhance their payment platforms and apps to cater to the increasing demand. Furthermore, the rising adoption of digital wallets and contactless payments by cards further provides lucrative opportunities for payment providers in the region.
Finland Payments Market

Finland Payments Industry Overview

The Payments market in Finland is significantly fragmented, and the market encompasses a considerable level of competition. The companies operating in the market are undertaking various initiatives to increase their presence, contributing to market growth. Moreover, promising efforts by the government to propel digital payments will also increase the competition in the market over the coming years.

  • June 2021 - Danske Bank A/S has agreed with OP Financial Group in Finland and the consortium of banks behind Vipps in Norway to merge the three mobile payment providers, MobilePay, Vipps, and Pivo. This merger is aimed at creating a comprehensive digital wallet.
  • Jan 2021 - Paytrail Oyj, a Finnish payment service provider owned by Nets Group, has announced its plans to acquire Checkout Finland Oy. Following the acquisition, the company can offer expanded services and insights to the people of Finland. The move aligns with Nets' mission of strengthening its presence in the country while supporting the company's eCommerce goals in Europe.

Finland Payments Market Leaders

  1. 2Checkout (Verifone)

  2. S-Pankki

  3. Nordea Bank

  4. Danske Bank

  5. OP Financial Group

*Disclaimer: Major Players sorted in no particular order

Finland Payment Bank - Market Concentration.png
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Finland Payments Market News

  • January 2022 - Revolut launched its banking services in Finland. It offers business and individual accounts along with a Mastercard-branded debit card.
  • November 2021 - Hameenlinna Regional Public Transport Authority enabled open-loop contactless payments on the city's public transport system in partnership with Littlepay, a transit payment services provider. Passengers can make payments by tapping their contactless payment card or mobile wallet on contactless readers installed on buses.
  • September 2021 - Digital-only bank SweepBank launched in Finland. The bank offers online and mobile app banking services, a savings account, and a free virtual Mastercard Debit card. By December 2021, over 30,000 Finnish consumers had opened an account with SweepBank.

Finland Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in Finland

    5. 4.5 Impact of COVID-19 on the payments market in the country


    1. 5.1 Market Drivers

      1. 5.1.1 High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power

      2. 5.1.2 Government support towards digitization

      3. 5.1.3 Growth of Real-time Payments, especially Buy Now Pay Later

    2. 5.2 Market Challenges

      1. 5.2.1 Fraud incidents related to payments

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society and new players entering the market

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of key demographic trends and patterns related to payments industry in Finland (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    6. 5.6 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in Finland

    7. 5.7 Analysis of cash displacement and rise of contactless payment modes in Finland

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 2Checkout (Verifone)

      2. 7.1.2 OP Financial Group

      3. 7.1.3 S-Pankki

      4. 7.1.4 Nordea

      5. 7.1.5 Danske Bank

      6. 7.1.6 Saastopankki

      7. 7.1.7 Aktia Bank

      8. 7.1.8 Braintree

      9. 7.1.9 Google Pay

      10. 7.1.10 paysafecard

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

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Finland Payments Industry Segmentation

Finland Payments Market is segmented by Mode of Payments (Point of Sale (Card Payments (Debit card, Credit card, Bank Financing Prepaid Card), Digital Wallet, Cash)), Online Sale (Card Payments (Debit card, Credit card, Bank Financing Prepaid Card), Digital Wallet), by End-user Industry (Retail, Entertainment, Healthcare, Hospitality).

E-commerce payments include online purchases of goods and services such as on e-commerce websites and online booking of travel and accommodation. The market scope excludes online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for Point-of-Sale, all transactions that occur at the physical point of sale are included in the scope of the market. It includes traditional in-store transactions and all face-to-face transactions regardless of the location of the transaction. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries
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Finland Payments Market Research FAQs

The Finland Payments Market is projected to register a CAGR of 4.67% during the forecast period (2024-2029)

2Checkout (Verifone), S-Pankki, Nordea Bank, Danske Bank and OP Financial Group are the major companies operating in the Finland Payments Market.

The report covers the Finland Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Finland Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Finland Payments Industry Report

Statistics for the 2024 Finland Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finland Payments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Finland Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)