Despite having one of the smallest populations in the eurozone, Finland leads the world in terms of frequency of use of payment cards. Finland recorded the highest frequency of use, followed by Denmark, Sweden, Netherlands and Australia. According to a 2013 study by the Federation of Finnish Financial Services, two-thirds of Finns use payment cards for regular purchases at grocery stores, supermarkets and gas stations. With the government’s proposed reforms introduced in late 2014, it is compulsory for retailers to offer electronic options for small-value payments, the frequency of use is anticipated to accelerate further over the forecast period. As the country entered into a recession for the third time in 2014, economic recovery is sluggish, which is likely to impede the cards and payments industry’s growth over the period 2014–2018.

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In terms of number of cards in circulation, the Finnish payment cards instrument, including debit, credit and charge cards, registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 2.03%.

Improved banking infrastructure, new product developments, and higher awareness of electronic payments and wider acceptance of payment cards at point-of-sale (POS) terminals were key factors driving growth. The adoption of Europay, MasterCard and Visa (EMV) standards and the emergence of contactless technology supported this growth.

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The average transaction value (ATV) in Finland was US$54.1 in 2013, which was the lowest among Nordic countries such as Norway, Denmark and Sweden, which recorded ATVs of US$68.3, US$56.6 and US$55 respectively. In terms of card penetration, Norway had the highest level of penetration with 3.6 cards per inhabitant, followed by Sweden with 2.3, Denmark with 2.4 and Finland with 1.5.

Emergence of contactless technology facilitating faster and convenient payments

Contactless payments are being rolled out across the country, in areas such as public transport systems and at retail merchants. Elisa issued prepaid stickers to students using near-field communication (NFC) technology in association with MasterCard, and benefit and discount card Lyyra. These stickers were issued to more than 100,000 students, and can be used in college canteens and at other stores where contactless terminals are installed.

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