Say 'welcome' to your virtual wallet

Although debit and credit cards still dominate both in-store and online shopping, virtual payment services are on the rise. Today, most consumers have used a mobile payment solution.

Have you ever paid for something In-store using your phone?

Not even the classic pocket wallet is escaping digitalisation. Debit and credit cards are still the preferred choice for paying both in-store and online, although virtual alternatives are becoming increasingly popular.

A clear difference can be seen between the grouping of Sweden, Denmark and Norway, which have a relatively higher utilisation of online payments, and Finland, which is clearly lagging behind its Nordic peers.

Have you ever paid for a product in-store using your phone?
Ordered by country

In the Nordic countries, payment solutions like Swish (Sweden), Vipps (Norway) and MobilePay (Denmark and Finland) can be used to send money between individuals, to pay online or in physical stores that support these services, and for invoicing.

In Sweden for instance, a lot of businesses that have historically been cash oriented - like fairs and hot dog stands - are now becoming more and more cashless thanks to Swish. The perks are clear for the business: lower risk and administration with easy and common mobile payment solutions instead of traditional cash.

From 2017 to 2019 there has been a decrease by 15 percentage points of people who have never used a mobile payment solution via their smartphone. This shows that the market for mobile payment solutions in smartphones is getting more mature and that the payment solutions are getting more and more traction.

Which of the following methods of payment do you normally use when purchasing products / services online using your smartphone?
Change in online payments since last year

Why are mobile payment solutions using smartphones not used in-store by everyone and with higher frequency? In this year’s survey, 49 per cent of the respondents answered that they do not see the benefit of using the smartphone to make payments in-store. This is an increase of six per cent compared to last year.

According to the survey, Nordic consumers continue to trust their credit cards. All countries show a nearly 80 per cent use penetration of credit cards when buying a product or service online through the smartphone.

Today many web pages and online shops allow the consumer to save the credit card details for future purchases and, as we seem to trust our credit card details being stored, we can perform quick check-outs when returning as a customer.

Curious to learn more on this topic? Download the full report

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