Digital payments are the Nordic countries’ main form of payment but there are differences too
The central banks of Denmark, Finland, Iceland, Norway and Sweden have written a report about the payment systems used in the Nordic countries. The report provides an overview of the payment systems and market infrastructure for payments in the Nordic countries and highlights the similarities and differences between the countries.
The extent of digitalisation in the Nordic countries is among the highest in Europe. This is also evident in digital payments, which are the main form of payment in the Nordic countries. A closer inspection reveals that there are also differences between the countries in the use of the various means of payment, especially as a result of different payment habits and the payment solutions available in each country.
Being the only euro area member among the Nordic countries, Finland is integrated the most into European infrastructures. Regarding the alternatives to international card payments, Finland is currently in an unfavourable position compared with many of the other Nordic countries, especially when it comes to payments in brick-and-mortar shops.
Digital payments have become substantially more popular in all of the Nordic countries in the past couple of decades. The use of device manufacturers’ own wallet applications has grown in recent times, particularly for making point-of-sale payments in shops, although there are considerable differences between the countries.
The joint report focuses especially on electronic payment methods, notably credit transfers, card payments and mobile payments. The report is based largely on data for 2024.