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Online bank transfers in Nordic countries

Market overview

With 93% of Sweden's population having Internet access, Swedes have spent 6 billion EUR on online purchases in 2014, out of which 1 billion went to foreign websites and online stores. Statistics show that around 35% of Swedes purchase products from online stores at least once a month. Swedes are also in the top when it comes to selling products online, being the most popular Nordic country to shop products from online. Technology adoption contributes directly to the e-commerce market increase, 18% of the population having purchased products online via mobile devices in the last quarter of 2014.

Finland still lags behind Sweden when it comes to the online market, with Finns having spent just over 960 million EUR on foreign websites and online stores in 2014. That's by no means less impressive, considering it accounts for 40% of the entire Finnish e-commerce in the same year, the largest percentage in the Nordic region. 76% of Finns purchased products online in 2014 out of which 20% did it at least once a month. That's one fifth of the population. When it comes to technologies used during purchase, 10% of Finns used mobile phones and tablets to purchase products online via mobile devices in the last quarter of 2014.

Key payment methods

Both Swedish and Finnish shoppers prefer using debit and credit cards for their purchases, with invoices and bank transfers being the second and third most popular payment methods.

 

Source: E-commerce in the Nordics 2015 - PostNord

PayPal and other third-party payment service providers are still far behind in terms of broad usage.

What Avangate offers

The three largest banking groups in Finland, accounting for 75% of the deposit and credit markets are:

  • Nordea Bank Finland
  • OP-Pohjola Group
  • Danske Bank

In Sweden, the highest online payment coverage is provided by Trustly, an online payment solution supporting online bank payments from all major local banks as well as providing support in:

  • Finland
  • Denmark
  • Spain
  • Estonia
  • Poland

Avangate allows shoppers to pay through Trustly, one of the largest providers of banking services mainly for Nordic countries. Additionally, Trustly supports automatic refunds, helping sellers to reduce the number of complaints at the banks.

Payment method

Availability

Recurring billing support

Nordea Bank Finland

Finland

No

OP-Pohjola

Finland

No

Danske Bank

Finland

No

Trustly

Sweden, Finland, Denmark, Spain, Estonia, Poland.

No

 

By enabling online payments in Sweden and Finland, Avangate helps you increase your market share with more than 20% in both countries and benefit from higher conversion rates.