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.