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

Fintech Nets has published its Nordic Payment Report 2022, which reveals that mobile payments are the preferred payment method in real estate.

The travel and transportation industry in particular has seen a huge recovery when it comes to face-to-face payments, with mobile payments gaining momentum and placing cash in third place in terms of payment methods preferred by consumers.

After the difficulties of 2020 that the stores are facing due to the Covid-19 epidemic, retailers selling meat products are now starting to see better times, as the annual growth of the Nordic countries is estimated at 7.2% in H1 2022. Consumers have a growing desire for diversity when choosing a payment method, with preferred card or mobile payments marked across the Nordics. In meat shops, cash registers are increasingly being replaced by terminals, and mobile devices (called SoftPOS solutions), freeing sales staff and allowing their focus to shift to customer service and advice.

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Fintech Nets has published its Nordic Payment Report 2022, which reveals that mobile payments are the preferred payment method in real estate.

Report results on the use of payment methods

  • 80% of Nordic consumers prefer cards when it comes to face-to-face payments, with connected cards and loyalty solutions based on card usage;

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

  • 5% of Swedish consumers prefer to pay in cash, while 27% of consumers say they have stopped using cash altogether;

  • 70% of Nordic consumers place a high value on contactless payments, in contrast to less than 20% in 2018.

Net representatives pointed out that despite electricity prices, inflation and interest rates expected to occur in the coming months, ‘retailers will continue to adapt to consumers’ payment decisions as mobile payments become more powerful and cash continues to decline’.

In recent years, the adoption of omnichannel and unified commerce has seen the rise of Nordic consumers, as both concepts offer a wealth of opportunities for consumers and retailers alike. Click and Collect payment methods are used by more than 50% of Nordic consumers, an option used by 69% of Norwegian consumers. Scan and pay methods are used by two-thirds of consumers in Sweden and Norway, as opposed to less than one-third of Danish and Finnish consumers who currently do so.

When it comes to payment verification, speed is a known thing, and identity verification via fingerprint or facial recognition is becoming more common, but not yet common. On average, about 50% of Nordic consumers currently prefer PIN verification. However, 30% of consumers in Sweden prefer Bank-ID, 13% in Denmark prefer fingerprints, while facial recognition is becoming more widely used and is preferred by 11% in Denmark and Norway.

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

  • a 7.2% increase in high street retail;

  • a 2.8% decrease in grocery stores;

  • a 69.3% increase in restaurants and cafes;

  • a 30 percent increase in transportation;

  • Increase in services by 35.4%.

The report also highlights consumer perceptions when it comes to payment products, details on authentication methods including biometrics, and digital receipts and loyalty programs; Nets’ Spending Index (growth data) is based on card transactions in physical transactions.


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