9 September 2019


Nordic payment trends

In a restaurant environment, cash has historically been the primary payment method together with card. The payment trends in the Nordics show that a great change is upon us and that we are moving into a “cashless socity” in near future.



Cash is currently under pressure, as the use of cash is declining all over the Nordics. In many ways, the Nordics have become a benchmark for the cashless society. Cash is under pressure. In Norway and Sweden, the value of cash in circulation has decreased in recent years. In Sweden alone, the value has gone from SEK 77 billion in 2015 to SEK 57 billion in 2017.

The use of ATMs is declining, but there is still a wide gap within the Nordics in how often we use the ATM. While Norwegians on average only withdraw cash from ATMs 8 times per year, the Finns average above 20 times per year.


Card payment is the current king of the hill

The Nordic countries were first introduced to mobile payments when six large banks in Sweden cooperated to launch Swish in late 2012. The app linked bank account details to a phone number, and enabled consumers to transfer money in real time.

The following year, in 2013, Danske Bank introduced MobilePay in Denmark in May and in Finland in December. MobilePay was an immediate success and reached over 100 000 downloads in a matter of months in Denmark. Vipps was launched in May 2015 in Norway, and in just over a month the mobile wallet had over 300 000 downloads.

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OPENs payment solutions includes the latest payment trends, safe transactions, premium card acquiring together with fast transactions that creates a great workflow from service to accounting.


Cards rule the world, but mobile is on the rise

Around the world the use of cash has steadily been declining in favor of cashless alternatives such as cards and mobile applications. The new world of e-commerce has changed how we do business, including the exchange of money in financial transactions. This survey shows that in-store mobile payments are becoming more popular across the Nordics. In 2018, the share of consumers having used mobile payments in-store on a weekly basis grew with 5 percentage points to 12 %. In total, 53 % had used mobile payment in-store at least once, an increase of 10 percentage points from 2017.


Mobile Payment predictions –

  • In 2025, predictions are that at least one of the Nordic Countries are cashless, with only limited ise of cash in segments who can not use other means of payment
  • In 2025, predictions are that mobile wallets will reduce the importance of banks own “online bank” platform by adopting functionalities like invoicing, savings and more.
  • In 2025, predictions are that smartphones has surpassed the laptop as the preferred device for online shopping


Read more about the Nordic payment trends from Deloittes report  – “Chasing cashless?” from January 2019.

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