Nordic countries are at the forefront when it comes to adopting cashless payment methods, recent research by Nets has found.
Recent data from Nets, a component of the European PayTech group Nexi Group, has showcased a sharp decline in the use of cash among Nordic consumers. Notably, almost a third of them have mentioned they never utilise cash when making purchases at physical stores.
Some significant discoveries from Nets’ most recent Nordic Payment Report, which was conducted in association with Kantar Sifo, include:
The pace at which Swedes are distancing themselves from cash usage is notable with almost half of them never using it. In comparison, 40% of Norwegians, 27% of Danes, and just 10% of Finns are saying the same. However, Finland’s shift away from cash seems to be picking up speed.
Mobile payments are on a surge. Approximately 20% of both Danish and Swedish consumers now prefer this mode. Apple Pay has carved a significant niche for itself in digital payments in Denmark and Sweden. However, local brands like Sweden’s Swish, Norway’s Vipps, and Denmark’s MobilePay still dominate the preferences of consumers.
Mobile payments, boosted by the popularity of contactless techniques, have now surpassed cash to become the second most favoured payment method in the Nordics. Card payments, however, continue to hold the top spot.
Nexi’s Chief Regional Officer for the Nordics, Lars Erik Tellmann, remarked, “We’ve carried physical wallets for centuries,” taking cash, cards, receipts, and photos of loved ones with us everywhere. Nowadays, Nordic consumers want to use their mobile phone as this wallet, carrying the same things with them but in digital form. Contactless provides a seamless and secure payment experience for consumers, while facilitating newer payment methods like SoftPOS, which are set to transform physical commerce experiences in the coming years.”
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