Ecommerce is a big market in Finland, where 96% of the population has internet access and cash is used only in 10% of transactions. The top payment methods online fall into three main categories: bank transfers, card payments, and digital wallets.
In this article, I’ll share what I’ve learned about the Finnish population’s preferred ways to pay. If you’re considering expanding your business into the country, this information is sure to be vital for you.
7 Top Payment Methods in Finland
1. Credit Cards
Credit cards in Finland are used for online payments, contactless in-store payments, and some sectors of mobile commerce (m-commerce) like delivery and streaming apps. Consumers can register their cards with these apps for instant payment.
Finnish ecommerce customers make around 14.3% of ecommerce payments with Visa. It’s the most popular branded card in the country, used by 55% of cardholders. It’s also a popular method for POS (point of sale) payments.
smartphones and tablets. For mobile transactions, customers can make quick purchases without entering their card details manually through digital wallet apps like PayPal.
Mastercard is the second most popular card in Finland, used by around 45% of cardholders. Buyers make around 11.7% of ecommerce payments with Mastercard.
In around 55% of all ecommerce purchases via credit card, customers use laptops and desktop computers. The other 45% of purchases are made on mobile devices.
Trustly is a digital payment service formed in Sweden that allows consumers to pay online directly from their bank account. It requires no downloads and has no fees.
Trustly is a secure online bank transfer, allowing customers to keep personal details private when buying online. Almost one-third of ecommerce payments in Finland are completed via bank transfers that rely on services like Trustly and SOFORT.
Owned by buy-now-pay-later (BNPL) company Klarna, SOFORT lets customers pay without creating an account, entering card numbers, or storing their personal information.
To complete a purchase, users simply choose SOFORT at the checkout. Then, they enter their online banking login details and a one-time-use confirmation code.
MobilePay is a mobile wallet used exclusively in Finland and Denmark. It has around 2 million users in Finland, with 18% of the population using the app at least once per month. MobilePay allows both POS and online payments and has robust peer-to-peer transfer features.
In Denmark, MobilePay is one of the most popular ways to pay online, but only 23% of Finnish ecommerce purchases are made with mobile wallets. This market prefers bank transfers, which make up 31% of ecommerce purchases.
PayPal is another popular digital wallet in Finland. About 21% of Finnish online shoppers use PayPal at least once a month to make purchases. It’s also commonly used for peer-to-peer transfers between professionals and across countries.
In Finland, B2B or contractor invoices are typically paid via bank transfer rather than by PayPal or another third-party app.
Around 10% of ecommerce payments in Finland use BNPL services. Klarna is one of the most popular pay-later apps. Users can split purchases into three monthly payments or pay up to 30 days after buying. These services are fee-free and interest-free as long as users make payments on time.
7. Apple Pay and Google Pay
About 89% of Finnish residents own a smartphone, and approximately 45% of online transactions are made via mobile devices.
Much like in the rest of Europe, Apple and Android devices dominate the smartphone market in Finland. Apple Pay and Google Pay are popular mobile wallets, most commonly used during POS and m-commerce purchases.
The Best Way to Accept Global Payments
Accepting payments from anywhere in the world is a breeze when you partner with Pay.com. Our global payment processing system works behind the scenes to make sure your customer’s payments go through on the first attempt wherever possible.
Integrating Pay.com into your website or application is as simple or advanced as you want it to be. You can make use of our easy no-code solution or have your team of developers work with our APIs.
Our Level 1 PSS DCI-compliant infrastructure protects your business from payment fraud, using 3DS2 authentication. This helps make sure that you don’t accept funds from a stolen card and that every order you receive is from a real paying customer.
We use a flat-rate pricing system, and you can track the fees you’ve accrued through the Pay Dashboard so you always know exactly what you’ll be paying at the end of the month.
Click here to get started with Pay.com now!
The Bottom Line
When expanding your online business to Finland, it’s always a good idea to familiarize yourself with the country’s paying habits and offer familiar payment methods.
Pay.com lets you accept a wide variety of payment methods, including credit and debit cards, popular digital wallets, and many more. With a smooth checkout process and the highest level of security, you can reduce cart abandonment and keep your buyers coming back again and again.