Pay with a smile! We now have Apple Pay

17-10-24 13:42 | About Nordea | The Digital Hub

The explosion of faster and easier payment methods has catapulted the Nordic countries away from cash transactions and headlong into becoming the first “cashless societies”. Traditionally, the Nordics have been early adopters when it comes to technology and this, combined with developments such as Swish, Mobile Pay, Vipps, Siirto, iZettle and contactless payments, is revolutionising the payment space. And now, as the first Nordic bank to launch Apple Pay to the market, we at Nordea continue to drive new and simpler payment methods for our customers. 

The importance of mobile payments is obvious – millions of customers in the Nordics use mobile payments everyday -  and Apple Pay is an exciting addition for our customers both in the consumer and retail segments as it will continue to increase ease of payment (combined with security), as well as analytics and data- and customer-driven development models. 

These benefits, combined with close collaboration with our stakeholders, have resulted in new, great ways for how our customers can pay easily with their mobile or their watch with a tap of a finger or smiling to the phone (“facial recognition”) and manage their daily spending. With our customers in mind, we are also keen to cater for the global players entering our Nordic region – and earlier this year we launched Samsung Pay in Sweden and today (24 Oct.) Apple Pay in Denmark, Finland and Sweden.

Diversity of payment methods

As business and communication models evolve, new payment methods are developing, often driven by retail payments and the shift away from the use of cash. Is it the retailer or consumers propelling this change, or is it banks, fintechs or other technology giants? Whatever the drivers, it is an undeniable truth that mobile payments have already had and will continue to have a spectacular impact. 

Peer-to-peer payments like Swish, which enables money to be transferred in real-time via smartphones, is used by 5.9m Swedes (total population of 10m), who made an average of 4,23 payments each during September 2017 (source: Swish). In Denmark, MobilePay provides similar capabilities, and was used by more than 3.6m active users (more than half of the entire population).  The single day with the most transfers was 31 March 2017 with 1,076,036 transfers with a value of 442.013.093 DKK (source: MobilePay).

Understanding payment cultures

Mobile payments are changing the ways of how consumers make payments and how merchants can leverage the new opportunities opened up by mobile commerce where customers expect personally tailored, convenient shopping experiences. 

What if we could finally reach the seamless way of paying without any cards or cash to be seen, or just pick the method you find easiest? Or can you imagine a world where you pre-approve payments based on artificial intelligence once you step into a store or where everything is prefilled for the easiest shopping experience? We can – and we hope to continue making payments and shopping as easy as possible in stores, through apps and online for our customers.

/Juha Risikko, Mobile Payments

Read more and learn how to use Apple Pay here. 

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