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%

Finland

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 2 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Apple Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific + 5 Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 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 + 5 Market relevance High MobilePay Type Wallet Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High Siirto Type Bank transfer Regions Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 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 + 5 Danske Bank Finland Type Bank transfer Regions Western & Central Europe G2A Pay Type Wallet Regions Asia Pacific + 5 Handelsbanken Type Bank transfer Regions Western & Central Europe Microsoft Pay Type Wallet Regions North America, Western & Central Europe NETELLER Type Wallet Regions Asia Pacific + 5 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 + 5

Search for another region or country