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Finland’s contactless future is looking brighter than ever

By Vesa Tukonen, Finland Country Manager • Visa Europe

March 08, 2016

Buckle up people – Finland is going faster than a Formula E race car!

Contactless is growing fast in Finland. Our latest annual results show that Finns are rushing headlong in to new technology and innovative solutions, ready to adopt the latest and greatest technological advances. Finland’s contactless future is looking brighter than ever

Last year we saw a tenfold increase in contactless payments, which means Finns have gone from confusion (what is this wifi-symbol doing on my card?) to certainty (what do you mean I have to enter my PIN, you don’t accept contactless?). NFC payment technology has taken hold across Finland and it is here to stay. Almost five per cent of all Finnish Visa transactions today are contactless.

It’s clear from our data that the continued growth of contactless means something needs to decrease and that’s cash – for a third consecutive year cash volumes are lower than ever before. Average card transaction value also slightly decreased during 2015, likely due to the considerable increase in contactless transactions.

In addition to the 3.5 million contactless cards already issued in Finland, banks are also introducing mobile NFC payments, which is yet another step towards a complete NFC acceptance boom.

It was recently said that the world of payments is rapidly changing, but I must insist Finland is keeping up with great speed.

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