Market Size of Finland Payments Industry
| 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
*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.
