The Finnish payments market is witnessing significant transformation as leading banks OP Financial Group and Nordea launch new mobile payment services, responding to increasing digitalization and smartphone adoption in the region. The development follows Finland’s broader push toward digital identity solutions, as evidenced by the Findynet Cooperative’s recent initiative to develop an eIDAS-compliant self-sovereign identity network.
The market, currently dominated by established banks including Nordea, OP Financial Group, Danske Bank, and S-Pankki, is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.67 percent from 2025 to 2033. The growth is primarily driven by rising adoption of digital wallets and mobile payment solutions, building on the region’s strong foundation in digital banking innovation.
OP Financial Group’s mobile payment service, OP-mobile, has secured the sixth position among top finance apps in Finland, while Nordea’s mobile payment service, Nordea ID, follows closely at seventh place, indicating strong market acceptance for both solutions. OP Financial Group has demonstrated its commitment to payment innovation through various initiatives, including a biometric payment card trial using Zwipe’s Pay ONE platform.
Both services feature advanced security capabilities, including fraud prevention mechanisms and biometric authentication. The platforms offer user-friendly interfaces and seamless integration with existing banking applications, while meeting compliance with regulatory standards such as PSD2. The security focus matches broader Nordic trends in financial technology innovation.
Several key trends are shaping the Finnish payments landscape, including increased adoption of digital wallets, expansion of contactless payments, and government initiatives promoting cashless transactions. The Hameenlinna public transport system’s implementation of open-loop contactless technology in November 2021 represents a significant development in this direction, following similar successful implementations across the Nordic region.
The market has also witnessed notable entries, including Revolut’s launch of banking services in January 2022 and the introduction of digital-only bank SweepBank in September 2021. The payments ecosystem continues to evolve with the rise of open banking, enhanced biometric authentication, and the expansion of Buy Now Pay Later (BNPL) services. The transformation mirrors broader European trends in digital payment adoption and financial technology innovation.
Key players in the Finnish payments market include Aktia Bank, 2Checkout (Verifone), Google Pay, Braintree, S-Pankki, Paysafecard, Danske Bank, Saastopankki, OP Financial Group, and Nordea, representing a mix of traditional banks and fintech companies. These organizations are collectively driving Finland’s transition toward a more digital and secure payment landscape, supported by advanced authentication technologies and user-centric design principles.
Sources: Data Insights Market, Cision, Similarweb
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