Nordics prefer mobile to cash in face-to-face payments, Nets says

Fintech Nets has published its Nordic Payments Report 2022, revealing that mobile payments are the preferred payment method in the most marketable areas.

The hospitality and transportation sectors, in particular, have seen a strong recovery in face-to-face payments, with mobile payments gaining traction in terms of consumers’ preferred payment methods, pushing them into third place.

Following the 2020 difficulties faced by stores due to the Covid-19 pandemic; Merchants selling physical products are seeing better times right now, with the Nordic countries’ year-on-year growth averaging 7.2% in H1 2022. Marked across the Nordics and for differentiation when opting for card or mobile payments. In physical stores, cash registers can be implemented through terminals as well as mobile devices (called SoftPOS); It frees up salespeople and allows them to shift their focus to customer service and advice.

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Fintech Nets has published its Nordic Payments Report 2022, revealing that mobile payments are the preferred payment method in the most marketable areas.

Report findings on the use of payment methods.

  • 80% of Nordic consumers are increasingly using cards and prefer face-to-face payments with cards connected to loyalty solutions.

  • 10% of Nordic consumers prefer mobile payments, overtaking mobile cash as the second most popular payment method in the Nordics;

  • 5% of Swedish consumers prefer to pay with cash, and 27% of consumers say they no longer use cash at all.

  • 70% of Nordic consumers attribute high value to contactless payments, down from 20% in 2018.

energy prices that will occur in the coming months; Despite rising inflation and interest rates, ‘retailers will continue to adapt to customers’ payment preferences as mobile payments become more available and cash continues to decline, Nets representatives said.

In recent years, Adoption of omnichannel and unified commerce by Nordic consumers has increased, as both concepts offer many opportunities for consumers and retailers. Click & Collect payment methods are used by more than 50% of Nordic consumers and 69% of Norwegian consumers. Scan & Pay methods are used by two-thirds of consumers in Sweden and Norway; Less than a third of current Danish and Finnish consumers are against it.

Speed ​​is also a value when it comes to payment authentication, and while authentication via fingerprint or facial recognition is becoming more common, it’s not yet a trend. On average, 50% of Nordic consumers currently prefer PIN authentication. However, 30% of consumers in Sweden prefer Bank-ID, 13% in Denmark prefer fingerprints, and facial recognition is becoming more widely used, with 11% more in Denmark and Norway.

The development of in-store payments from H1 2021 to H1 2022 in the retail sectors in the Nordics is as follows:

  • High street retail sales increased by 7.2%;

  • 2.8% decline in grocery stores;

  • 69.3% increase in restaurants and cafes;

  • 30% increase in transportation;

  • Service increased by 35.4%.

The report examines consumer views when it comes to payment brands; intuitive methods, including biometric authentication; About digital receipts and loyalty programs; Nets’ spending index (growth data) is based on card transactions in physical commerce.


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