Finland
Finland, a Nordic country located in Northern Europe, is renowned for its high standard of living, advanced technology sector, and robust economic performance. With a population of approximately 5.5 million people, Finland's economy is diverse and well-developed, with key sectors including information technology, telecommunications, forestry, manufacturing, and services. The country is also a member of the European Union and uses the Euro as its currency.
Finland's economy is characterized by its high degree of innovation and competitiveness. The country has a strong tradition of education and research, which supports its technology and industrial sectors. Finland is home to some of the world's leading technology companies and has a vibrant startup ecosystem. The services sector, including healthcare, education, and public administration, also plays a significant role in the economy.
Finland has shown remarkable resilience in its economic recovery following the COVID-19 pandemic. The country's economy grew by 3.1% in 2022, driven by a rebound in domestic consumption, exports, and investments in green technology and infrastructure. Growth continued at 2.2% in 2023, supported by strong public consumption and export activities. However, economic growth is expected to slow down to around 1.5% in 2024 due to global economic uncertainties.
Inflation in Finland peaked at 8.0% in mid-2023 but has since moderated to approximately 5.5%. The central bank's monetary policies, including interest rate adjustments, are expected to reduce inflation further to around 3.5% by 2024. The unemployment rate in Finland is relatively low, averaging around 6.5%, and is expected to remain stable as the labor market continues to benefit from the ongoing economic recovery and government support measures.
Finland maintains a prudent fiscal policy with a strong focus on sustainable development and economic stability. The government's fiscal strategy includes maintaining a balanced budget, reducing public debt, and investing in critical areas such as green energy, education, healthcare, and digital infrastructure. Public debt is moderate relative to GDP, ensuring long-term financial stability and economic resilience.
Top banks
Nordea Bank
Nordea Bank is one of the largest banks in Finland, offering a comprehensive range of financial services to individuals and businesses.
OP Financial Group
OP Financial Group is a major player in Finland's banking sector, providing a wide array of banking products and services, including retail banking, corporate banking, and investment services.
Danske Bank
Danske Bank has a significant presence in Finland, offering various financial services and maintaining a strong market position.
Handelsbanken
Handelsbanken is a key player in the Finnish banking sector, offering a range of financial services and focusing on both retail and corporate clients.
Top payment methods
Cash (Käteinen)
Credit and Debit Cards
Bank Transfers (Pankkisiirrot)
Mobile Payments.
Online Payment Platforms
Prepaid Cards
Cryptocurrencies
Concluding remarks
Finland's economy is poised for continued stability and growth, supported by a diverse payment landscape and robust economic fundamentals. As the country navigates through global economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences. With a prudent fiscal policy and a commitment to sustainable development, Finland is well-positioned to maintain its economic resilience and prosperity.
Cash (Käteinen)
Although digital payments are prevalent, cash remains a commonly used payment method in Finland, particularly for small transactions. Cash continues to play a role in everyday transactions despite the rise of digital payment methods.
Credit and Debit Cards
The use of credit and debit cards is extensive in Finland, with major card networks like Visa, MasterCard, and American Express widely accepted. Contactless payment methods are becoming increasingly popular due to their convenience and security.
Bank Transfers (Pankkisiirrot)
Bank transfers are frequently used for various transactions, including real estate deals and business payments. SEPA (Single Euro Payments Area) transfers facilitate efficient cross-border payments within the Eurozone, benefiting Finland's integration with European financial systems.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are widely adopted in Finland. These methods offer a quick and secure way to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and Stripe are commonly used for eCommerce transactions. They provide secure and efficient ways to pay for goods and services online, supporting the growth of Finland's digital economy.
Prepaid Cards
Prepaid cards are popular among younger consumers and those without access to traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Finland, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, with the government working to integrate digital currencies into its financial system while ensuring compliance and security.
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
Book a consultation
