Accepting payments in Finland means entering a growing market where ecommerce revenues are expected to reach over €6 billion in 2025 and nearly €9 billion by 2029. But despite similarities with other European markets, the Finnish payment environment requires special considerations around local payment methods, payment security frameworks, and cross-border transactions.

Below, we’ll explain what businesses that plan on expanding into Finland need to consider, including:

• Committing to mobile
  
• Embracing digital checkout features
  
• Staying up-to-date on EU payment regulations
  

The state of the market

Finland’s payments infrastructure mirrors that of its Nordic neighbors in many ways. Cash usage is dwindling, credit and debit card payments are standard, and mobile payments have been widely adopted. As a European Union member that uses the euro, Finland’s business-to-consumer (B2C) and business-to-business (B2B) markets are deeply intertwined with the rest of Europe.

The Bank of Finland, Finland’s central bank, oversees the nation’s financial operations and stability. Key responsibilities include implementing the European Central Bank’s monetary policy, supervising payment systems, and guaranteeing financial stability. On the regulatory front, the Finnish Financial Supervisory Authority (FIN-FSA) supervises and regulates financial market participants, ensuring they function efficiently, reliably, and in the best interest of consumers.

Payment methods

With a steady rise in the adoption of electronic payment methods, the demand for cash transactions has waned. Here are some popular payment methods in Finland:

Current usage

In 2024, 28% of point-of-sale (POS) transaction value in Finland came from cash, while card payments accounted for 55% of POS transaction value. In regard to card usage specifically, debit cards were more prevalent in Finland as of 2023. Finnish customers are also leveraging contactless methods, with contactless payments making up 35% of total POS card transaction value in 2022.

The widespread adoption of mobile payments, such as the Danish app MobilePay and the Finnish app Pivo, further demonstrates customers’ trust in digital payments. In 2022, MobilePay announced a merger with the Norwegian app Vipps to create Vipps MobilePay, and a unified app was released in 2024. The rise of mobile payment apps has coincided with the rise of ecommerce. In the third quarter of 2024, 115 million card payments were initiated on a computer or mobile device in Finland—a 16% increase from the same period the previous year.

Popular B2C payment methods in Finland

• Credit and debit cards
  
• Mobile payments (e.g., MobilePay)
  
• Bank transfers
  
• Buy now, pay later (BNPL) payments (e.g., Klarna)
  

Popular B2B payment methods in Finland

• Credit cards
  
• Bank transfers
  
• Direct debits
  

Emerging trends

Electronic invoicing (e-invoicing) is becoming standard in Finland, and in 2019, legislation passed that requires government entities to only accept e-invoices that comply with the European e-invoicing standard. Although e-invoicing is not yet required for all B2B businesses, it is becoming more common across Finland, and companies with an annual turnover of over €10,000 have the right to request e-invoices in B2B transactions.

Ease and friction of entry

Expanding your business into Finland requires unique considerations around taxes, payment disputes, international payments, and payment security regulations. Here’s an overview:

Taxes

Finland’s value-added tax (VAT) is set at a standard rate of 25.5% for most goods and services, with reduced rates of 14% and 10% for items such as food and books. While customers experience VAT as an added cost on their purchases, businesses bear the responsibility of collecting this tax and remitting it to the Finnish Tax Administration—and improper remittance can lead to penalties.

Chargebacks and disputes

Finnish consumers have the right to contest card charges, especially if they haven’t authorized a transaction. If a product or service isn’t delivered as promised, they can request a chargeback. Businesses are usually required to present substantial evidence to refute these claims.

Finland adheres to the revised Payment Services Directive (PSD2), a cornerstone of European payment regulations. PSD2 emphasizes Strong Customer Authentication (SCA) and two-factor authentication, which can impact chargeback claims.

International payments

Finland adopted the euro in 1999, which simplified cross-border trade within Europe. Yet for businesses that accept noneuro international transactions in Finland, it’s important to understand the role currency conversion and multicurrency features play.

• Multicurrency options
  For businesses supporting international customers, it’s helpful to offer multicurrency features that allow customers to see prices in their local currency.

• Currency conversion
  Currency conversion rates are typically based on the interbank rate, the exchange rate at which major banks exchange currencies, and are marked up between 1% and 3% for other customers. Platforms such as Stripe offer currency conversion services, making it convenient for businesses to accept international payments.

• SEPA transfers
  As an EU member, Finland belongs to the Single Euro Payments Area (SEPA) zone, which facilitates fast and inexpensive euro transfers between the 35 other member countries. SEPA Credit Transfers in particular are commonly used for customer and business purchases within the SEPA zone.

Security and privacy

Finland has established a reliable and rigorous framework around payment security, compliance, and regulations. Here’s the rundown:

• Data protection laws
  The EU’s General Data Protection Regulation (GDPR) forms the cornerstone of data protection in Finland. This regulation mandates that businesses acquire explicit consent from consumers before collecting their data, and it gives them the right to access, modify, or delete their personal information.

• Payment services regulations
  PSD2 is another EU regulation Finland rigorously implements, with a focus on enhancing competition in the payment industry while tightening security. Under PSD2, payment service providers in Finland are required to abide by SCA protocols that involve two-factor authentication.

• Anti-Money Laundering (AML) laws
  Finland has strict laws around anti-money laundering and combating the financing of terrorism (AML/CTF). Drawing from the EU’s AML directives, Finnish financial institutions must set up comprehensive systems that detect, monitor, and report potential money laundering activities.

• Digital authentication
  TUPAS is a Finnish electronic identification service that many banks in Finland use for SCA during online transactions. The use of TUPAS has been key in building trust among Finnish customers who shop online or access other digital services.

• Regulatory agencies’ roles
  Finland’s FIN-FSA is in charge of the country’s financial markets, overseeing their stability and transparency.

Key success factors

While Finland’s payment market demonstrates efficiency and innovation, challenges persist. Addressing these issues requires a combination of technological innovation, regulatory awareness, and a commitment to enhancing customers’ experiences. Here are some ways that businesses operating in Finland can position themselves for success:

• Mobile payment methods
  Mobile payment apps and digital wallets are ubiquitous in Finland. While businesses can benefit from offering a wide range of payment options both in store and online, mobile payments should always be on the list.

• Enhanced user experience
  Finns are generally proficient in English, but providing translations in Finnish (or Swedish, in certain regions) can show that you value your customers and have put thought into making their checkout experience as smooth as possible.

• Simplified cross-border transactions
  Because Finland uses the euro and belongs to the SEPA zone, cross-border payments within Europe are simple. To take advantage of this system, ensure your payment gateway can accept SEPA transfers.

• Strong fraud detection protocols
  While Finland’s rate of payment disputes remains relatively low compared to global averages, it’s still an area of concern for businesses. Data from the European Central Bank shows that 64% of card fraud value in Finland in 2019 was card-not-present (CNP) fraud, highlighting a challenge for ecommerce businesses. In order to mitigate CNP fraud, deploy fraud detection and prevention tools—such as 3D Secure authentication—for online payments.

Key takeaways

By recognizing and catering to Finnish payment trends and preferences, businesses can create a payment experience that resonates with local customers and stands out in the market. But this requires a thoughtful, strategic vision that takes into account payment security frameworks, suitable payment gateways, and localized customer support. Here’s a recap, as well as tips to help your business succeed in the Finnish payment market.

Commit to mobile

• Incorporate digital wallets
  MobilePay, a Danish mobile payment app, has experienced increasing traction in Finland, along with local digital wallets such as Pivo. By accommodating these platforms, which are favored for their quick transaction times, you can provide convenient payment methods for Finnish customers.

• Consider bank transfers
  Customers use bank transfers to quickly send money from their phones. Make sure your business is equipped to accept these transfers, so you avoid inconveniencing this subset of customers.

• Upgrade payment interfaces
  Your business’s payment pages should be updated to give mobile customers the best possible experience.

Embrace digital checkout features

• Support e-invoices
  E-invoicing is becoming standard in Finland for B2B transactions. Be prepared to send and receive invoices electronically.

• Invest in local language support
  A localized checkout process in Finnish can lead to a more intuitive user experience for customers. Take the time to translate your payment and customer support pages.

• Offer currency flexibility
  Neighboring countries such as Norway and Denmark don’t use the euro, so offering the option to pay in their local currency could boost conversion rates. Support international customers looking to pay in their home currency by providing multicurrency features in your payment interfaces.

Stay up-to-date on EU payment regulations

• Monitor VAT changes
  Finland’s specific VAT regulations can change, especially where they concern digital services. Update your business’s systems regularly to reflect current VAT rates and avoid fines.

• Use two-factor authentication
  Businesses operating in Finland need to use payment service providers that follow SCA protocols for two-factor authentication outlined in the PSD2.

• Prioritize data protection
  Make sure your business’s payment systems adhere to GDPR rules. Transparent data handling and clear communication about how customer data is used can foster trust and improve the overall payment experience.