Last weekend I was walking around Kallio district in Helsinki, when I saw these handwritten signs informing passers-by that mobile payments were accepted here. It was an unstructured neighbourhood flea market where people put their own unwanted stuff out for sale. This is the last mile of cashless transactions in Finland.
This recent news article informs us 9 out of 10 transactions are already cashless but nobody expects cash to become obsolete anytime soon.
…leading daily Helsingin Sanomat runs a long feature story on the dwindling use of cash for payments in Finland. Recent statistics show that less than one-fifth of Finns use mostly cash to pay for their daily shopping. Among 20 to 34 year olds, that percentage falls to one-tenth.
Even traditionally cash-heavy domains like flea markets and yard sales are making the switch. Many of the young entrepreneurs at May’s Restaurant Day, for example, used the Mobile Pay application or an iZettle payment terminal to handle their transactions.