Finlands Cards and Payments Industry Research Report Share

Synopsis

The report provides top-level market analysis, information and insights into Finland's cards and payments industry, including:

• Current and forecast values for each category of Finland's cards and payments industry, including debit cards, credit cards and charge cards
• Comprehensive analysis of the industry’s market attractiveness and future growth areas
• Analysis of various market drivers and regulations governing Finland's cards and payments industry
• Detailed analysis of the marketing strategies adopted for selling debit, credit and charge cards used by banks and other institutions in the market
• Comprehensive analysis of consumer attitudes and buying preferences for cards
• The competitive landscape of Finland's cards and payments industry

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Executive summary

• The European debt crisis had a profound effect on Finland’s economy, with GDP contracting by 1.4% in 2013. The subdued economic development from 2009 onwards had a dampening effect on the overall cards and payments industry during the review period (2009–2013). As the country entered into a recession for the third time in 2014, economic recovery is anticipated to be sluggish, which is likely to impede the cards and payments industry’s growth over the forecast period (2014–2018).
• In terms of number of cards in circulation, the Finnish payment cards instrument, including debit, credit and charge cards, registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 2.03%, increasing from 10.6 million cards in circulation in 2009 to 11.4 million in 2013. In terms of transaction value, payment cards valued EUR56.6 billion (US$75.1 billion) in 2013, after registering a review-period CAGR of 3.27%.
• Improved banking infrastructure, new product developments, and higher awareness of electronic payments and wider acceptance of payment cards at point-of-sale (POS) terminals were key factors driving growth. The adoption of Europay, MasterCard and Visa (EMV) standards and the emergence of contactless technology supported this growth.
• The average transaction value (ATV) in Finland was US$54.1 in 2013, which was the lowest among Nordic countries such as Norway, Denmark and Sweden, which recorded ATVs of US$68.3, US$56.6 and US$55 respectively. In terms of card penetration, Norway had the highest level of penetration with 3.6 cards per inhabitant, followed by Sweden with 2.3, Denmark with 2.4 and Finland with 1.5.
• Despite having one of the smallest populations in the eurozone, Finland leads the world in terms of frequency of use of payment cards. Finland recorded the highest frequency of use in 2013, with 172.8 transactions per card, followed by Denmark with 159.2, Sweden with 114.1, the Netherlands with 107.1, and Australia with 96.6. According to a 2013 study by the Federation of Finnish Financial Services, two-thirds of Finns use payment cards for regular purchases at grocery stores, supermarkets and gas stations. With the government’s proposed reforms to be introduced in late 2014, making it compulsory for retailers to offer electronic options for small-value payments, the frequency of use is anticipated to accelerate further over the forecast period.

Scope

• This report provides a comprehensive analysis of Finland's cards and payments industry.
• It provides current values for Finland's cards and payments industry for 2013, and forecast figures for 2018.
• It details the different economic, infrastructural and business drivers affecting Finland's cards and payments industry.
• It outlines the current regulatory framework in the industry.
• It details the marketing strategies used by various banks and other institutions.
• It profiles the major banks in Finland's cards and payments industry.

Reasons to buy

• Make strategic business decisions using top-level historic and forecast market data related to Finland's cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities within Finland's cards and payments industry.
• Assess the competitive dynamics in Finland's cards and payments industry.
• Gain insights in to the marketing strategies used for selling various card types in Finland.
• Gain insights into key regulations governing Finland's cards and payments industry.

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Key highlights

• The European debt crisis had a profound effect on Finland’s economy, with GDP contracting by 1.4% in 2013. The subdued economic development from 2009 onwards had a dampening effect on the overall cards and payments industry during the review period (2009–2013). As the country entered into a recession for the third time in 2014, economic recovery is anticipated to be sluggish, which is likely to impede the cards and payments industry’s growth over the forecast period (2014–2018).
• In terms of number of cards in circulation, the Finnish payment cards instrument, including debit, credit and charge cards, registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 2.03%, increasing from 10.6 million cards in circulation in 2009 to 11.4 million in 2013. In terms of transaction value, payment cards valued EUR56.6 billion (US$75.1 billion) in 2013, after registering a review-period CAGR of 3.27%.
• The average transaction value (ATV) in Finland was US$54.1 in 2013, which was the lowest among Nordic countries such as Norway, Denmark and Sweden, which recorded ATVs of US$68.3, US$56.6 and US$55 respectively. In terms of card penetration, Norway had the highest level of penetration with 3.6 cards per inhabitant, followed by Sweden with 2.3, Denmark with 2.4 and Finland with 1.5.
• Despite having one of the smallest populations in the eurozone, Finland leads the world in terms of frequency of use of payment cards. Finland recorded the highest frequency of use in 2013, with 172.8 transactions per card, followed by Denmark with 159.2, Sweden with 114.1, the Netherlands with 107.1, and Australia with 96.6. According to a 2013 study by the Federation of Finnish Financial Services, two-thirds of Finns use payment cards for regular purchases at grocery stores, supermarkets and gas stations. With the government’s proposed reforms to be introduced in late 2014, making it compulsory for retailers to offer electronic options for small-value payments, the frequency of use is anticipated to accelerate further over the forecast period.
• Contactless payments are being rolled out across the country, in areas such as public transport systems and at retail merchants. In 2012, Elisa issued prepaid stickers to students using near-field communication (NFC) technology in association with MasterCard, and benefit and discount card Lyyra. These stickers were issued to more than 100,000 students, and can be used in college canteens and at other stores where contactless terminals are installed.