Payment methods in Finland
The Finnish e-commerce market is worth US$17 billion, rising to US$24 billion by 2027 - in a country with just 5 million inhabitants.
Market takeaways
- The Finnish e-commerce market is worth US$17 billion, rising to US$24 billion by 2027 - in a country with just 5 million inhabitants.
- Fins love to shop from foreign merchants, buying a fifth of all e-commerce purchases from sites based outside Finland.
- In almost 40% of e-commerce purchases, Finns used a mobile device to complete the transaction.
- Finns use digital payment methods in over 70% of all online transactions. Popular payment methods include Klarna, PayPal, and Sepa Direct Debit.
- In 2022, the average online shopper in Finland spent US$3,249 with e-commerce merchants, rising to US$4,359 by 2027.
Population
5.5M
Online population
5.3M
B2C e-commerce
$16B
Banked population
99.9%
Credit card population
71%
E-commerce of total retail
16%
Payment method breakdown
- Card26%
- Cash2%
- Bank Transfer34%
- E-Wallet24%
- Other14%
Card scheme breakdown
- Visa45%
- Mastercard55%
- American Express0%
- Local schemes0%
- Other0%
Cross-border e-commerce
Cross-border shoppers
64%
Share of e-commerce
19%
Cross-border value (est.)
$3B
Featured payment methods in Finland
All payment methods available in this market, sorted by prominence.
Trustly
Swedish open-banking "Pay by Bank" method letting shoppers pay online directly from their bank account. Operator: Trustly Group AB. Est. users: 112M+ consumers have used it (2024); ~$100B TPV 2024.
Vipps MobilePay
Merged Nordic mobile wallet (Vipps + MobilePay) for P2P, in-store and online payments across Norway, Denmark and Finland. Operator: Vipps MobilePay AS. Est. users: 12M+ users (2024); 1.52B transactions.
Siirto
A dominant real-time payment solution in Finland, often used for peer-to-peer transfers.
Featured banks in Finland
All banks operating in this market, sorted by prominence.
Nordea
Helsinki, Finland
Nordea is the largest bank in the Nordic region, headquartered in Helsinki, with major operations across Sweden, Denmark, Norway, and Finland.
Nordea Finland
Helsinki, Finland
Nordea Finland is the headquarters of the pan-Nordic Nordea Group, offering retail, corporate, and investment banking.
Danske Bank
Copenhagen, Denmark
Danske Bank is the largest bank in Denmark and one of the leading universal banks in the Nordic region, serving 3 million retail and 500,000 business customers.
Handelsbanken
Stockholm, Sweden
Handelsbanken is a Swedish universal bank known for its decentralised branch model, operating across the Nordic countries and UK.
OP Financial Group
Helsinki, Finland
OP Financial Group is Finland's largest financial services group, a cooperative bank comprising 157 member cooperative banks. It offers banking, insurance, and wealth management.
Danske Bank Finland
Helsinki, Finland
Danske Bank Finland operates as a subsidiary of Denmark's Danske Bank, focusing on corporate and institutional customers in Finland.
Handelsbanken Finland
Helsinki, Finland
Handelsbanken Finland is the Finnish branch of Handelsbanken, serving corporate and retail customers with a decentralised model.
S-Bank Finland
Helsinki, Finland
S-Bank is a Finnish cooperative bank owned by the S Group retail cooperative, offering retail banking, savings, and investment products to co-op members and general public.
Other Banks — Finland
Helsinki, Finland
Aggregate of all remaining banks in Finland not individually listed, collectively ~20.9% of domestic banking assets.
