Payments/FI
Finland
ISO FI · 3 schemes
Summary
- Siirto is Finland's real-time mobile payment system (1.4+ million users)
- Pivo (OP Bank) is a major mobile wallet with QR payment support
- MobilePay (Vipps MobilePay) also available since Nordic merger
- TIPS connected via Bank of Finland (Eurosystem member)
- Three major banks (Nordea, OP, Danske) hold 70% market share
Banking landscape
Central Bank
- Name: Bank of Finland (Suomen Pankki)
- Website: https://www.suomenpankki.fi/
- Role: Eurosystem member, TARGET Services national center
Major Banks (2024)
| Rank | Bank Name | Total Assets (EUR) | Market Share | Type |
|---|---|---|---|---|
| 1 | Nordea Bank Abp | 623,360 M | 63.11% | Domestic (HQ in Finland) |
| 2 | OP Financial Group | ~161,000 M | ~16% | Cooperative |
| 3 | MuniFin (Kuntarahoitus) | 53,092 M | 5.38% | Municipal |
| 4 | Danske Bank Finland | ~40,000 M | ~4% | Danish subsidiary |
Market Structure
- Big Three: Nordea, OP Financial Group, Danske Bank
- Combined Share: 70% of market (per EBF)
- Nordea: Largest by assets (63.11%), HQ relocated from Sweden 2018
- OP: Largest by customer market share (cooperative model)
Corporate Banking (2023 Survey)
- Nordea: 100% penetration among top-tier companies
- Dominant position in Finnish corporate banking
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| TARGET/T2 | Eurosystem/BoF | RTGS | Active |
| TIPS | Eurosystem/BoF | Instant payments | Active |
| Siirto | Automatia (Loomis) | Real-time mobile | Active |
Bank of Finland's Role
- National center for Eurosystem TARGET Services
- Supports Nordic TARGET participants
- 51 participants in Finland/Nordics use Bank of Finland TARGET component (end 2024)
- Supported Nordic countries' migration to TIPS in 2024
TIPS Status (2024)
- Finland connected as Eurozone member
- TARGET Services operated without significant incidents in 2024
- Bank of Finland supports instant payment introduction per European standards
Finnish Instant Payments Rulebook (Autumn 2024)
- Joint market output completed
- Rulebook + governance model established
- Enables instant payment compatible with European standards
- Bank of Finland prioritizing instant payment service introduction
EU Instant Payments Regulation
- January 9, 2025: PSPs must receive instant credit transfers
- Non-bank PSPs can join TARGET directly (per July 2024 ECB policy)
QR code standards
Siirto QR
| Attribute | Value |
|---|---|
| Standard Name | Siirto |
| Type | Real-time mobile payment |
| Operator | Automatia (owned by Loomis) |
| Users | 1.4+ million |
| Compatible Banks | Nordea, OP, S-Pankki, Ålandsbanken |
QR Payment Features
- Users can create QR code for others to pay them
- Phone number-based transfers
- Real-time account-to-account
- Strong user identification
Compatible Apps
- Nordea Siirto: Dedicated Siirto app
- OP-mobile: OP Bank's mobile app
- Pivo: OP's mobile wallet
Pivo QR Payments
| Attribute | Value |
|---|---|
| Type | Mobile wallet |
| Operator | OP Financial Group |
| QR Use Cases | Student diners, online payments |
| Payments | Siirto, bank transfer, card payment |
Pivo Features
- QR code payments at partner locations (student diners)
- Online shopping via Pivo button
- Accept payment in app (bank transfer, Siirto, or card)
- NFC payments (Android + OP Visa only)
MobilePay (Vipps MobilePay)
| Attribute | Value |
|---|---|
| Type | Nordic mobile payment |
| Status | Active (post-merger) |
| Nordic Users | 11.5 million total |
- Part of Vipps MobilePay merger (2022)
- Finnish users on unified platform (2024)
- QR code payments at merchants
Invoice Barcode Scanning
- Nordea Mobile: "Scan invoice" feature
- Scans barcode on Finnish invoices
- Pre-fills payment details
Mobile payment apps
| App Name | Bank | Siirto | QR | TIPS |
|---|---|---|---|---|
| Nordea Mobile | Nordea | Yes | Yes | Yes |
| Nordea Siirto | Nordea | Native | Yes | Yes |
| OP-mobile | OP | Yes | Yes | Yes |
| Pivo | OP | Yes | Yes | Yes |
| Danske Bank | Danske | No | Limited | Yes |
| MobilePay | Vipps MobilePay | No | Yes | N/A |
Nordea Mobile Features
- Siirto real-time payments
- Invoice barcode scanning
- QR code creation for receiving payments
- Mobile payments via NFC
Nordea ID App
- QR code for secure login
- Identity verification via QR scan
- No user ID needed with QR login
Pivo Features
- Transfer money
- Pay online and in stores
- Send/receive Siirto payments
- QR code payments at partner locations
Third-party payment apps
| App Name | Type | QR Support | Status |
|---|---|---|---|
| Pivo | Mobile wallet | Yes | Active |
| MobilePay | Mobile wallet | Yes | Active |
| Apple Pay | NFC Wallet | No | Active |
| Google Pay | NFC Wallet | No | Active |
Paytrail Integration
- Finnish payment gateway
- Supports Pivo, MobilePay, Siirto
- Local bank transfers
- Buy now, pay later options
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Siirto QR | Payment QR | QR Code | 1.4M users | siirto-qr |
| Pivo | Mobile wallet | QR/NFC | OP customers | pivo |
| MobilePay | Mobile wallet | QR Code | 11.5M Nordic | mobilepay |
Sources
- Bank of Finland - Annual Report 2024
- Bank of Finland - Payment Systems
- TheBanks.eu - Finland Major Banks
- OP - Siirto Payment
- OP - Pivo
- Nordea - Siirto
- Nordea - Mobile Banking
- Qvik - Mobile Payments in Finland
- Bank of Finland - Market Shares
- Wikipedia - Nordea