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.