Finland Cards and Payments Market Opportunities and Risks Report 2021-2024 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Finland Cards and Payments – Opportunities and Risks to 2024” report has been added to ResearchAndMarkets.com’s offering.
‘Finland Cards and Payments – Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Finnish cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, and cheques during the review-period (2016-20e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
The report brings together the publisher’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
Scope
- The Finnish government is taking initiatives to curb high interest rates on unsecured credit in the country. Consequently, the Finnish Parliament introduced a cap on interest rates charged on unsecured credit (including credit cards) at 20% per annum in September 2019. While this move is likely to encourage consumer spending, and reduce their debt obligations, card issuers are likely to cut down on credit card reward benefits, with an increase to the annual or monthly fee to compensate for the income loss.
- Contactless payments are growing at a rapid pace in Finland, which is one of the reasons for the increase in the card payment market. According to the central bank, 90% of cards in circulation incorporated a contactless feature in 2019. To further increase the popularity of contactless payments, the maximum limit of contactless payments without a PIN was increased from €25 ($28.07) to €50 ($56.14) in April 2019. Contactless payments further boosted since the outbreak of COVID-19 (COVID-19). As a result of pandemic, Finnish consumers are increasingly shifting to contactless payments to avoid social contact. According to S-Pankki, the share of contactless card payments as proportion of the overall bank’s card transactions increased from 55% at the end of March 2020 to 63% in the first week of June that year.
- As a part of the second Payment Services Directive (PSD2), new security requirements for online payments have come into effect in the European Economic Area from January 1, 2021. In accordance with the directive, all online payments need to be confirmed by strong authentication such as a security PIN received through an SMS or biometrics. The improved security of online payments will further support the use of electronic payment tools for ecommerce purchases.
This report provides top-level market analysis, information and insights into the Finnish cards and payments industry, including –
- Current and forecast values for each market in the Finnish cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Finnish cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Key Topics Covered:
- Payment Instruments
- Card-based Payments
- Ecommerce Payments
- Buy Now Pay Later
- Mobile Proximity Payments
- P2P Payments
- Bill Payments
- Alternative Payments
- Job Analysis
- Payment Innovations
- Payment Infrastructure & Regulation
- Appendix
Companies Mentioned
- OP Bank
- S-Pankki
- Nordea
- Danske Bankt
- Saastopankki
- Aktia Bank
- Svenska Handelsbanken
- Bank of Aland
- Visa
- Mastercard
- American Express
- Diners Club
For more information about this report visit https://www.researchandmarkets.com/r/yl03no
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