Having only launched in 2017, Finland’s IP market is still developing — but an aggressive five-year CAGR of 90% is predicted, one of the highest figures globally. This will be powered by its two IP schemes and the availability of varied payment types/initiation methods.

Siirto, a mobile IP solution launched in 2017, settles payments in real time and enables users to make P2P fund transfers by using the recipient’s mobile number. Alternatively, users can pay in-store and online using their mobile number or by scanning a QR code. The solution has more than 850,000 users; there’s even a Siirto payroll service, enabling users to pay salaries via the app. Transaction limits vary by bank.

SCT Inst, meanwhile, is a pan-European instant credit transfer scheme, launched in Finland in 2018. The system enables P2P, C2B, B2C and B2B payments directly between accounts via different channels such as online and mobile banking. It supports both individual and business transactions, and settles funds in near-real time, with recipient banks required to credit amounts to their customers no more than 10 seconds after a payment is received. There are no upper limits for transfers between Finnish banks — however, participation is currently quite limited.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average



Key statistics


IP launch year

Immediate payments types

Single instance, bulk payments, individual salary payments

Initiation & authorization

Bank account, mobile number, QR code

ISO 20022

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall NON-PAPER-BASED transactions, 2017-24f

% of total electronic payments transaction volume


Finland may well see the most aggressive IP growth of all the Nordic countries. As it stands, Finland has a lower than average index to global card ownership rates. More pertinently, it still has notably higher reliance on paper-based payments than its Nordic neighbors; in 2019 these payments comprised a quarter of Finland’s total transactions. As IP has proven in more established markets that it typically draws volume from paper payments and not digital, Finland’s higher cash and check rates can be seen as a predictor of aggressive IP adoption.

The infrastructure Finland currently has in place also bodes well for high IP growth. Its two schemes offer the capabilities to use IP in a number of ways, from consumers to corporates. Finland is also included in the P27 Nordic Payments initiative, which aims to provide an integrated, cross-border payments system for the region.

ACI’s take

Finland has a high-performing economy supported through a well-established and globally renowned technology and services industry. Plus, as the only Nordic Euro country, it attracts corporates with established lengthy and complex payment processes who also have to contend with high cross-border fees or restrictive foreign exchange rates. Having the ability to participate in a pan-Nordic payments initiative will remove many of the existing challenges and support growth and investment from across the region. Multi-currency-focused digital overlay services will be particularly welcome in Finland.

Volumes are set to increase with eInvoicing alternatives being made available by the potential of new Request for Pay services. P27 participants should be preparing to scale to new volumes of payments and non-financial transactions. Those outside of the Nordics should pay close attention to its development for a masterclass in payments modernization with a focus on revenues.

The long-term success of P27 will be in its ability to drive revenue growth — not just cost reduction on legacy systems and transaction pricing. This growth will come from delivering new services for customers across the consumer, merchant and corporate space. By this measure, Finland is primed to experience some of the greatest IP success in the coming years.


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