Strong increase in contactless payments in Scandinavian countries

In the Nordic countries of Europe, the number of contactless payments has increased since the beginning of the year, especially during the Covid-19 pandemic, which is hitting the old continent directly. Indeed, Norway and Denmark have introduced several restrictive measures to restrict social contact. According to regional payment service provider Nets, this has led to an increase in contactless payments in shops and restaurants.

In January 2020 only 35% of payments were made without contact. That number has doubled, reaching 77% in Norway at the end of October 2020, ahead of Sweden and Finland. This dramatic increase in contactless payments is partly due to concerns about the spread of Covid-19 using cash.

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Graph of the growing number of contactless payments in Scandinavia. Graphics: networks.

However, Sweden, which never wanted to adopt the general restriction strategy like other European countries, saw more regular growth in contactless transactions. This European country, which seeks collective immunity, has increased the percentage of contactless use from 44% to 60% this year.

86% of Danish citizens preferred to shop contactless in the last week of October, making the country the leading user of this payment method. For Norway (2nd) it is 77% and for Finland (3rd) 70%.

Regarding the limit on the number of contactless transactions, Denmark allows a limit of 350 DKK (47 euros), while Norway allows it to be 500 NOK, which is also 46 euros. In Sweden, a maximum transaction of 400 SEK (39 euros) is allowed and in Finland a transaction of 50 euros (according to European law).

While the contactless transaction has become very popular in Europe in recent years, it is becoming an integral part of our lives, especially with the new way of life that is taking hold in the time of the Covid-19 and social distancing that is widely recommended by health authorities becomes. Not only is this method quick and efficient, it is undoubtedly an additional measure that could limit the spread of the virus.

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