ABOUT THE REPORT

Nets Nordic Payment Report is an annual report about payments and related topics for merchants with focus on physical sales locations . The content is based on both a consumer survey and a merchant survey , conducted in all four Nordic countries , and includes some of Nets ’ own data from card transactions . The main focus is on payments in physical environments , as Nets publishes a separate comprehensive report on payments online , Nets E-com Report .

Below is a summary of the key insights from the Nordic Payment Report 2024 .

Economic situation :

• The Nordic region is experiencing varied economic impacts , with Sweden and Finland facing challenges , while Norway and Denmark remain stable .

• Innovation in FinTech , digital healthcare and renewable energy is driving growth , especially in Sweden and Denmark .

Payment industry trends :

• Mobile wallets and card usage are increasing , with Sweden leading the push towards a cashless society .

• Omnichannel retail strategies like ‘ click and collect ’ are becoming more prevalent .

• Integrated payment solutions such as Electronic Cash Registers ( ECR ) and Independent Software Vendors ( ISV ) are in high demand .

Unified commerce :

• There is a shift towards unified commerce , integrating all sales channels into a single system .

• Digital receipts and loyalty solutions are gaining traction , with many consumers preferring digital receipts over paper ones .

Payment methods :

• Card payments : Dominant but slightly declining due to the rise of mobile payments .

• Contactless payments : Extremely high adoption , with over 90 % usage in some countries .

• Mobile payments : Increasing steadily , with Denmark leading in adoption .

• Cash : Usage continues to decline , though it remains a legal requirement in some countries .

Consumer and merchant insights :

• Consumers are cautious about their economic outlook , while merchants are more optimistic .

• Grocery stores have the highest economic confidence among merchants , while physical stores face the most challenges .

• Restaurants and cafés are recovering well post-pandemic , with a solid economic outlook .

• Technological advancements :

• Self-service and scan and pay technologies are becoming standard in grocery stores and other retail environments .

• Digital receipts and loyalty programmes are increasingly integrated with payment methods , enhancing customer convenience and reducing environmental impact .

Future outlook :

• The payment landscape is becoming more digitalised , with mobile payments expected to grow further .

• Merchants are encouraged to adopt modern , integrated payment solutions to stay competitive and meet evolving consumer expectations .

To read the full report , visit : Nordic Payment Report 2024 �

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