Recently we’ve seen payment habits across Europe change a lot to reflect larger trends that have swept across the continent. These include the technologies available, consumer preferences, and a rise in convenient ways to pay.
Finland, which is famous for its high standards of living and its tech-savvy population, has shown us intriguing insights into these trends.
Here, we explore where Finland’s payment methods and habits stand when compared to its European neighbours, with some insights across some of the key industries that use them.
Norway
First up, we have Norway, which is Finland's close neighbour, that enjoys advanced digital infrastructure, which is why many Norwegians are big fans of using mobile apps and contactless payment solutions to settle transactions.
When it comes to online services like eCommerce sites, streaming services, and online casinos, Norwegians tend to look for convenience. For the latter especially, given the restrictions in local options, players in Norway have been increasingly turning to offshore sites, many of which accept cryptocurrency as a payment method. According to crypto expert Christian Roupe, Bitcoin is preferred for its fast transactions and privacy protections in the iGaming industry.
While these kinds of Bitcoin transactions are growing more popular for online payments, most in the country prefer using payment apps for in-person purchases and payments. However, in general, Norway’s payment habits mostly revolve around the use of direct bank transfers, and electronic wallets.
Sweden
Another Nordic country that is famous for its progressive approach of utilising cashless transactions at a rate that is even more pronounced than Norway’s is Sweden. What has led to this is that the country is aiming to become a cashless society, which is why a large portion of the transactions in Sweden get settled through banking apps, mobile payments, and sometimes even cryptocurrencies.
Germany
Unlike the countries we’ve mentioned, Germany is still known for its reliance on cash transactions, but this country is also gradually embracing digital payments. This is especially true for smaller transactions, where mobile payments and contactless cards are used frequently.
France
France is also lagging when it comes to utilising new payment methods, but the country has a more balanced approach than Germany. Modern digital payment solutions and traditional options now share almost equal popularity levels.
We’ve seen that in how mobile payments are on the rise in France, and in how contactless cards are used widely. However, many French citizens still have a strong preference for cash and card payments in some regions and for settling smaller transactions.
Finland’s Payment Landscape
Firstly, as in many Nordic countries, digital payments are very popular in Finland, as the country’s citizens have a strong preference for mobile payments and contactless transactions. In fact, some even favour secure Bitcoin payments.
That’s why most Finnish citizens regularly use applications on their smartphones that are linked to their bank accounts to make payments, which shows us the country’s high adoption rates of digital technologies.
However, what has drawn many Finnish consumers to these payment solutions is that they also utilise biometric authentication systems, such as facial and fingerprint recognition, which keep their funds safe and make transactions convenient.
HT
