Finland

Finland

General Information

  • Population 5.6 m
  • Population 15 + 4.7 m
  • Online Population 5.3 m
  • Area 338,440 km2
  • Currency EUR
  • GDP 296.0 bn USD
  • GDP per Capita 53,529 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"26"},{"label":"Cash-based payments","value":"2"},{"label":"Bank transfer","value":"31"},{"label":"Wallets","value":"23"},{"label":"Other","value":"18"}]
Banked population
  • Finland 100%
  • Western & Central Europe 94%
  • World 67%
Credit card penetration
  • Finland 65%
  • Western & Central Europe 46%
  • World 19%
Internet penetration
  • Finland 96%
  • Western & Central Europe 91%
  • World 62%
Smartphone penetration
  • Finland 89%
  • Western & Central Europe 75%
  • World 70%

The Russo-Ukrainian war is having an impact on the Finnish economy according to the Bank of Finland. Finnish GDP is expected to grow by 1.7% in 2022 and 0.5% in 2023 and there are concerns that there is a recession ahead.

A new law brought in in 2022 by the EU, product guarantees have been extended to two years after purchase. However, in Finland and the Netherlands, products have longer guarantees but companies also charge a small fee for each year of use if the product has to be replaced – which has been determined illegal.

The top e-commerce site in Finland is tori.fi with 20.8 m visits in July 2022.

Finland is getting close to becoming a cashless society, with the Bank of Finland announcing that they expect the use of banknotes to end completely by 2029. 

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 16.3
2023 17.7
2024 19.2
2025 20.7
2026 22.1
E-Commerce spending per capita ($US)
2022 2928
2023 3184
2024 3442
2025 3704
2026 3965
E-Commerce spending as % of GDP
2022 5.5%
2023 5.8%
2024 6.1%
2025 6.3%
2026 6.6%

Finland

The E-Commerce Market

Top e-commerce segments

  1. Toys, Hobby & DIY: 31%
  2. Electronics & Media: 23%
  3. Fashion: 22%
  4. Furniture & Appliances: 15%
  5. Food & Personal Care: 9%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 22%
  2. Value of cross-border e-commerce – 3.2 bn USD
  3. Online shoppers who have shopped cross-border – 61%

Top 3 cross-border shopping origin markets

  1. Germany: 25%
  2. China: 25%
  3. Sweden: 13%
B2C E-commerce Growth 20->21
  • Finland 9.2%
E-commerce % of total retail
  • Finland 18%
  • Western & Central Europe 17.6%
  • World 20%
E-commerce completed on a mobile device
  • Finland 35%
  • Western & Central Europe 43%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"55"},{"label":"Mastercard","value":"45"}]
  • E-commerce market size 14.8 bn USD
  • E-Commerce spending per capita 2,659 USD
  • E-commerce spending as % of GDP 5.2%

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 Market relevance Medium 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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