The Contactless Revolution in the Nordics
Finland, Denmark, Sweden, and Norway have emerged as global leaders in the adoption of cashless and mobile payment methods. A staggering nine out of ten Nordic consumers prefer using contactless payments, signaling a significant shift in consumer behavior. Among the Nordic countries, Denmark takes the crown as the contactless leader, with 96 percent of Danish consumers utilizing contactless payment options. Furthermore, a substantial 94 percent of all card payments in Denmark are contactless.
Sweden: Pioneering a Digital Payments Era
Swedish consumers have embraced digital payments, with half of the population never using cash for transactions. The country is at the forefront of the digital payments revolution, showcasing a strong inclination towards electronic transactions. The research, conducted by payments firm Nexi Group, combines payment data from the four countries and an annual survey of 1,000 consumers in each market.
Seamless and Secure: The Appeal of Contactless Payments
Lars Erik Tellmann, the chief regional officer for Nexi in the Nordics, explains that Nordic consumers are transitioning to mobile payments due to the convenience and security they offer. The concept of contactless payments provides a seamless experience for consumers and also supports newer payment methods such as SoftPOS. This shift is expected to transform the physical commerce landscape in the years to come.
Finland’s Accelerating Adoption of Cashless Payments
Although Finland lags behind its Nordic counterparts, the country is experiencing a rapid increase in the rejection of cash. Nexi’s research reveals that only 10 percent of the population rejects cash outright. However, this number is expected to rise as Finland plans to raise the contactless payment limit to €50 from 1 January. This change is anticipated to further stimulate the adoption of cashless and mobile payment solutions.