According to recent payment statistics, contactless payments were the most prevalent method of card payment in Finland during the first quarter of 2023. A total of 513 million card payments were made using Finnish payment cards, representing a 7% decrease compared to the previous quarter in 2022. The aggregate value of these card payments also decreased by 10% to reach EUR 15.1 billion in Q1/2023.
The popularity of contactless payments witnessed a significant surge, with 315 million card payments being made on a contactless basis, marking a 20% increase compared to the same period last year. The total value of contactless payments amounted to EUR 4.9 billion in Q1/2023, which reflected a 21% increase compared to the corresponding period in the previous year.
In addition to the rise of contactless payments, there was also a notable increase in card payments initiated through computers or mobile devices. A total of 79 million card payments were made in this manner in Q1/2023, representing a significant 29% increase compared to the first quarter of the previous year. The aggregate value of remote card payments stood at EUR 3 billion, marking a substantial 44% increase compared to the same period last year.
On the other hand, card payments made using a microchip or magnetic strip witnessed a decline of 11% compared to the previous quarter, totaling 118 million transactions in Q1/2023. The aggregate value of payments using these methods decreased by EUR 1.2 billion (15%) to EUR 7 billion during the same period.
The report also highlighted the value of card payments made using Finnish payment cards in other euro area countries. The aggregate value of such payments reached EUR 1.1 billion in Q1/2023, reflecting a 29% increase compared to the first quarter of the previous year. Furthermore, card transactions using Finnish payment cards outside the EU amounted to EUR 0.4 billion in the same period.
Interestingly, cards issued in other euro area countries were increasingly used to make card payments in Finland, with a total value of EUR 231 million in Q1/2023, marking a 30% increase compared to the first quarter of the previous year. Similarly, cards issued outside the EU were utilized to make card payments in Finland, totaling EUR 167 million, which represented a 26% increase compared to the same period in the previous year.
The statistics also revealed that the total number of credit transfers in Q1/2023 reached 300 million, indicating a 5% increase compared to the previous year. Concurrently, the value of credit transfers also grew by 5% to reach EUR 1,013.4 billion. However, the value of credit transfers to Finnish counterparties experienced a decline of 6% to EUR 809 billion compared to the same period in the previous year.
The increasing prevalence of contactless payments and the continued growth of remote card payments highlight the evolving payment landscape in Finland. As consumers embrace convenient and secure payment options, the adoption of contactless technology is expected to continue shaping the future of payment systems in the country.