Finland

Finland

General Information

  • Population 5.5m
  • Population 15 + 4.6m
  • Online Population 5.3m
  • Area 338,440 km2
  • Currency EUR
  • GDP 270.6bn USD
  • GDP per Capita 48,981 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"27"},{"label":"Cash-based payments","value":"2"},{"label":"Bank transfer","value":"31"},{"label":"Wallets","value":"19"},{"label":"Other","value":"21"}]
Banked population
  • Finland 100%
  • Western & Central Europe 94%
  • World 67%
Credit card penetration
  • Finland 63%
  • Western & Central Europe 46%
  • World 19%
Internet penetration
  • Finland 95%
  • Western & Central Europe 91%
  • World 62%
Smartphone penetration
  • Finland 86%
  • Western & Central Europe 75%
  • World 70%

60% of all online purchases in Finland are shipped within Finnish borders. And Finns like to keep their market for themselves, with one of the lowest level of e-commerce exports of all the European countries.

Finland’s postal service Posti began seven day a week deliveries in December 2020 and announced in February 2021 that they were going to invest 100 m EUR in developing parcel and e-commerce competencies and improving its delivery network.

Finland’s economy dropped by 2.9% in 2020 but is forecast to grow by 2.3% in 2021 and 2.5% in 2022 according to the IMF. Inflation also rose in 2020 by 0.4% and is expected to rise by 1.4% in 2021 and by 1.5% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 15.4
2022 17.5
2023 19.7
2024 21.7
2025 23.6
E-Commerce spending per capita ($US)
2021 2790
2022 3159
2023 3542
2024 3912
2025 4256
E-Commerce spending as % of GDP
2021 5.1
2022 5.6
2023 6.1
2024 6.5
2025 6.9

Finland

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 60% | 20%
  2. Toys, DIY, & Hobbies: 9% | 20%
  3. Electrical Goods: 10% | 15%
  4. Health &Beauty: 9% | 15%
  5. Homeware & Furniture: 7% | 11%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 19%
  2. Value of cross-border e-commerce ($US billion) – 2.8
  3. % of online shoppers who have shopped cross-border – 61%

Top 3 cross-border shopping origin markets

  1. China: 35%
  2. Germany: 20%
  3. UK: 11%
E-commerce % of total retail
  • Finland 17%
  • Western & Central Europe 17.6%
  • World 20%
E-commerce completed on a mobile device
  • Finland 44%
  • Western & Central Europe 43%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"55"},{"label":"Mastercard","value":"45"}]
  • E-commerce market size ($US billion) 14.5bn USD
  • E-Commerce spending per capita ($US) 2,625 USD
  • E-commerce spending as % of GDP 5.1%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Finland

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & the CIS, North America + 1 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Klarna Type Bank transfer, Buy Now, Pay Later, Instalments Regions Asia Pacific, North America, Western & Central Europe Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High MobilePay Type Wallet Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Siirto Type Bank transfer Regions Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Aktia Wallet Type Wallet Regions Western & Central Europe Ålandsbanken Type Bank transfer Regions Western & Central Europe Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Danske Bank Finland Type Bank transfer Regions Western & Central Europe G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Handelsbanken Type Bank transfer Regions Western & Central Europe Microsoft Pay Type Wallet Regions North America, Western & Central Europe NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Oma Säästöpankki Type Bank transfer Regions Western & Central Europe OP-mobiili Type Bank transfer Regions Western & Central Europe POP Pankki Type Bank transfer Regions Western & Central Europe Siru Mobile Type Carrier billing Regions Western & Central Europe Zimpler Type Wallet Regions Western & Central Europe Sofort (Klarna) Type Bank transfer Regions Asia Pacific, Western & Central Europe Market relevance High Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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