Key Payment Methods in Finland: A Guide for Businesses

Finland is one of Europe’s most digitally advanced nations, with nearly 95% of the population actively using online banking and a strong cultural preference for secure, bank-based payments.

Cards, mobile wallets and direct bank transfers dominate daily transactions, while cash continues its steady decline. For businesses operating in Finland, payment method strategy is not a minor detail—it’s a competitive edge.

In this guide, we explore the most used payment methods in Finland and look at how open banking integrations like Noda are helping businesses modernise their checkout.

The top 4 payment methods in Finland

Recent surveys of Finnish payment preferences indicate that debit cards come out on top, but modern methods like mobile-based transactions and A2A payments continue to grow.

The most popular payment methods in Finland however depends on the type of transaction, with significant differences between how people pay in-store compared to online.

Other than cash, which still holds its corner, here’s the key digital payments in Finland;

1. Debit and Credit Cards

Debit and credit cards have been ingrained in our financial habits since time immemorial it seems, and Finnish payment preferences reflect our proneness for cards.

In the first half of 2024 (the latest data set by Finlands Bank), 947 million card payments were made at in-store point-of-sales (POS). Throughout the entire year, debit and credit card payments accounted for around 70% of all POS payments.

Unsurprisingly, contactless payments account for most card transactions, with swiping and CHIP & PIN in rapid decline.

Finland’s online payment methods show a definitive difference; just over 183 million e-commerce card payments were made, as card checkouts trail far behind online payment services like Klarna and PayPal. When asked about preferred payment methods for online purchases, the majority of Finns across all age ranges would prefer to pay with online banking methods over cards. (Statista, Digital Payments in Finland, p.6, p.5, p.47)

Key providers:

Visa has a dominant presence with around 54% market share, closely followed by Mastercard, and then American Express, though it’s less widely accepted. One of the most prominent local providers is OP Financial Group, whose cards are issued in partnership with Visa.

2. Digital Wallets

Digital wallets, also known as e-wallets or mobile wallets, store tokenised card information on a smartphone or wearable (such as a watch), which then acts as a digital version of a physical card.

The use of digital wallets at in-store checkouts has increased from just 4% market share in 2019 to 14% in 2024. By 2030, it’s expected to reach 22%. The number of people using mobile payments has also increased by more than double in the same timeframe.

As of 2024, online payment services including mobile wallets, like Google Pay and PayPal, are the most used payment methods in Finland for online payments, accounting for three-quarters of transactions.

Good to know: Tokenisation replaces sensitive card details like CVV or expiration date with a ‘token’ that can be used during the transaction process to avoid revealing actual card information.

Key providers:

The biggest contactless payment brands at POS in Finland are:

• MobilePay: Mobile payment app for making payments and transferring money using your phone.
• Google Pay and Apple Pay: Payment service that allows transactions using Apple or Android devices.
• PayPal: Online payment system for sending, receiving money, and shopping.
• Siirto: Finnish mobile payment service for instant money transfers using phone numbers or QR codes.

3. A2A Payments

Account-to-account (A2A) payments are the one to watch for payment trends in Finland, as forecast predict the biggest increase in use than any other payment method.

In 2024, A2A payments at POS took a 7% market share, set to increase by 14% by 2030, nabbing its extra share of the payment market from cards and cash.

In e-commerce, Finnish consumers are far more inclined to pay-by-bank than their European counterparts; the total value of e-commerce transactions completed with A2A was a sizeable 33% in 2023, compared to an average of just 18% across other European countries.

As mentioned, Finns overwhelmingly prefer to use online banking for e-commerce when given a choice, likely due to ‘safety’—closely followed by ‘ease’— being the main reason for choosing an online payment option, reflecting the inherent trust in banking institutions. (Statista, Digital Payments in Finland, p.47, p.48)

A2A payment integration in Finland is primarily supported by Open Banking, facilitating fast and easy direct bank transfers from customer to merchant.

Key providers:

• Siirto: Connected to major Finnish banks, used for instant peer-to-peer (P2P) and A2A payments.
• MobilePay: Supports A2A transfers and merchant payments via mobile.
• Paytrail: Leading payment gateway for online A2A transactions.
• Visma Pay: Frequently chosen for A2A invoice payments.
• Trustly: Swedish fintech widely used in Finland.
• Noda: Facilitates instant A2A payments through open banking, operating globally.

4. Buy Now, Pay Later (BNPL)

BNPL, sometimes called POS financing, allows consumers to make purchases and pay later, typically by interest-free or low-interest instalments, boosting conversion rates both in store and online.

While BNPL only has a 2% market share of POS payments volume, BNPL services for online shopping are increasingly popular in Finland. Overall, the BNPL sector is projected to expand from its 2024 value of USD 3.37 billion to approximately USD 5.66 billion by 2030.

Key providers:

• Klarna: Dominates the market through partnerships with major retailers. Nearly 70% of respondents in a recent survey had used Klarna to make a payment either in-store or online.
• PayPal Credit: A newer entrant to the Finnish market, expanding reach via collaborations with e-commerce platforms.

Open Banking: The future of payment methods

Amongst all of the Finland payment methods, the data unanimously indicates that consumers want quick, convenient, secure and trusted checkouts.

From the digital payments in Finland’s e-commerce, to contactless POS methods, open banking taps into everything: ultra-fast payments, familiar processes, and the inherent trust in the banking systems’ security.

The benefits of open banking payment methods in Finland:

• Instant A2A payments: The UK’s Faster Payments and SEPA Instant across the EU facilitate instant payment processing with participating banks.
• Lower fees: Skip expensive card networks and their ever-increasing fees and enjoy significantly cheaper transaction costs.
• Zero chargebacks: Direct pay-by-bank transfers eliminate the risk of chargebacks.
• Enhanced trust and security: PSD2 compliance, bank-level authentication, and SCA offer a secure and trustworthy payment environment.

Why Noda’s open banking is a smarter payment method in Finland

Noda has extensive coverage across Finland, offering both online and offline businesses a sleek payment solution that perfectly matches modern costumer demands.

Our instant bank payments come with ultra-low transaction fees (as low as 0.1% with no monthly fees or hidden costs) and a seriously impressive payment acceptance rate of up to 94%.

And if you want to go beyond the Finnish border, our comprehensive open banking platform facilitates seamless A2A transactions across 2,000+ banks in 28 countries.

From day one, we’ll get to know you and your business, and after our hassle-free onboarding process you can be set-up and accepting payments within days, not weeks.

A few more Noda benefits:

• Seamless integration: Compatible e-commerce plugins for major platforms, plus API support for easy setup.
• Multiple ways to accept payments: Branded no-code payment pages (no website needed), plus instant payment links, QR codes and card payments.
• Dedicated Account Manager: No anonymous call centres and repetitive conversations– just personal customer support whenever you need it.
• Comprehensive Data Services: Provides insights into customer spending habits and lifetime value, helping you identify high-value customers and make better business decisions.

Future-proof your Finland payments today

The Finnish market is a pretty discerning bunch when it comes to payments. But cart abandonment and in-store walk-outs at POS can be a thing of the past if you get your payment systems right.

You can stay ahead of the trends, offer the latest in payment fintech and future-proof your business with Noda’s open banking payment ecosystem.

Chat to the Noda team today and find out how we can help you offer the ultimate payment efficiency in Finland as well as across borders for a seamless global solution.