Contactless payments increase by 30 percent every month

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Contactless payments has quickly become common in Finland.

Every month, it is estimated that about 30 percent more transactions are made compared to the previous month.

contactless

23 percent of the Finns have contactless payment available on their card, writes Sparbankerna Finland.
The share has almost tripled in a year and a half.

The large increase makes both the merchants’ payment terminals and consumer cards with contactless payment to become increasingly common.

According to the Federation of Finnish Financial statistics from October, the proportion who paid contactless doubled in a year and a half, and over half of them having the possibility has used it. Most active are young people between 18 and 24 years – of them, almost three-quarters paid contactless.

Contactless payment is based on chip payment with NFC technology. They use an encrypted data link between the payment card chip and the terminal.

From January next year, Sparbankerna in Finland will include all renewed cards with the function.

Only purchases under 25 euros can be paid contactless.

“When you do not need to enter your PIN, criminals have fewer opportunities to find out the PIN code. For security reasons, the terminal will ask randomly for the code also for purchases under 25 euros,” says Development manager Heli Huttunen.

Sparbankernas Central bank will also be responsible in the future for the issuance of Sparbankernas Visa cards and their function.