Payment Card Year Books

Finland Statistical Report 2024

Name: Finland Statistical Report 2024
Brand: Payment Card Year Books
Price: 290.00 GBP
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£290.00

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INTRODUCTION

Finland is a parliamentary republic with the framework of a representative democracy. The 200-member unicameral Parliament of Finland exercises supreme legislative authority in the country.

Finland’s economy is largely dependent on the services sector, which comprises roughly two-thirds of GDP, and is known to be one of Europe’s early adopters when it comes to payment technology, including contactless and mobile payments.

Finland has made significant progress in reducing cash usage, encouraging electronic alternatives wherever possible. Cheques are virtually non-existent in usage due to the proliferation of online bank transfers, debit card payments, and other non-cash form factors. Finland’s €4.6 billion mobile commerce market is expanding faster than overall e-commerce and is set to grow at a compound annual growth rate of 12.9% to 2023, to a become a €7.2 billion market.

Most notably during 2022, the use of delayed debit/credit cards increased in comparison to traditional credit and debit cards - possibly due to Finnish consumers being familiar with instalment payments and using such cards to manage payments during economic uncertainty. Digital means of payment have become more widespread, purchases are increasingly made online, and mobile payment has already replaced card payment to some extent. The COVID-19 pandemic has strengthened the transition in the payments landscape. Due to the protracted pandemic, most of the changes will probably be permanent.

Another development is the increasing use of biometric ID and verification for payments - Finland is ahead of most countries in Europe in rolling out biometric initiatives as a result of the widespread use of the BankID scheme.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Finland. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts.

In the last decade, Finnish consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device.

In addition, new consumer demands are a game changer. Finnish consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Finland is driven by minimal cost, secure payments, and a high level of user convenience.

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.