We predict that the Nordics will be the first markets in the world to fully realise digital transformation in payments.
- Digital transformation (nearly) complete? The Nordic markets of Sweden, Denmark and Norway have the highest penetration of electronic transactions anywhere in the world. The Nordics’ leadership position becomes clear – as coupled with this level of electric transactions – is a functioning, consumer-permissioned digital ID system known as BankID that makes Know Your Customer (KYC) compliance for e-commerce much easier.
- National wallet schemes and “super-apps”: Since 2015, the Nordic markets have also wholeheartedly embraced digital wallet solutions. Therefore, as digital wallets rise and cards continue to be used for a very wide range of purchases, these markets will continue to seek opportunities to reduce cash use for everyday, low-value purchases such as parking, street vendors and others. This is going to create room for mPOS and soft POS systems providers, as well as multi-function card products.