Our world is getting more mobile every day. Whether you’re clothes shopping, buying plane tickets or booking an appointment—almost all of it can be done on your smartphone. And this is changing consumer demands. We spoke to Nordea’s experts about the biggest mobile payment trends in the Nordics, and what they expect to see in the next five years.
Consumers in the Nordic region are embracing mobile payments. They want to transfer money and make purchases whenever, wherever and however they want. And this demand is rapidly driving the adoption of exciting new mobile payment services, including digital wallets like Apple Pay and Fitbit Pay.
“Just a few years ago, a merchant might have thought you were a magician if you walked into a store and paid with your mobile. Nobody knew digital wallets existed,” says Juha Risikko, Head of Nordea Mobile & Emerging Payments. “But now mobile payment services are common knowledge, even though it’s still early days for adopters. That awareness is the first step for mass market adoption.”
Risikko believes the second step will be the infiltration of digital wallets in e-commerce, as more and more stores adopt the technology. “Right now, it’s still plastic payment cards which dominate in many Nordic stores—but this will change as paying with devices, like your mobile or wearable, becomes mainstream.”