The Nordic region, encompassing Denmark, Norway, Sweden, Finland and Iceland, exhibits a sophisticated and diverse digital payment landscape. With a high level of tech-savvy consumers and robust digital infrastructure, payment methods in the Nordics have evolved to offer a blend of convenience, speed, and security. This article delves into the various payment methods in the Nordics, examining how each country has its distinct preferences and systems, yet all share a common drive towards embracing digital payment solutions.
Payment by card in the Nordics
Card payments are the backbone of Nordic e-commerce. VISA and Mastercard are widely accepted, but each Nordic country has its preferences:
- Denmark: Dankort, a local VISA co-branded debit card, is a favorite among Danes.
- Norway: BankAxept, another VISA co-branded card, dominates.
- Sweden and Finland: VISA and Mastercard are popular choices.
Local actors: Dankort, Bank axept
Payment by Bank Transfer
Bank transfers and instant payments are pivotal in the Nordic payment landscape.
- Sweden: Swish Sweden relies on Swish, a popular mobile app with over 8 million users, enabling instant bank transfers.
- Norway: Vipps In Norway, Vipps is the preferred mobile payment app, trusted by over half the population for swift and secure transactions.
- Finland: Trustly and More Finland embraces Trustly and other local instant payment solutions, ensuring quick and efficient fund transfers.
Local actors: Swish, Vipps, Trustly
Payment by installment and BNPL
Klarna lead BNPL in the Nordics. In 2021, the global BNPL market was valued at USD 132 billion, projected to reach USD 3,680 billion by 2030. Young consumers drive this trend. Regulations like two-factor authentication are emerging. Klarna and others from the Nordics are pioneers in this space.
Local actors: Klarna, Zaver, Two, Viabill, Biller (BtoB)
Payment by digital wallet and X-Pay
Digital wallets are gaining popularity in the Nordic countries, offering convenient payment options. In Sweden, Swish is a dominant choice with over 8 million users who transfer money daily. For Denmark, MobilePay is the preferred mobile payment app with 4 million users.
Local actors: Swish, Vipps, MobilePay, Pivo
If the payment methods in the Nordics intrigue you, feel free to access the #PayWorldTour library for more insights.
