MobilePay's share is growing rapidly as a method of payment for online purchases

MobilePay’s share has grown tremendously over the past year, but since the beginning of the year, there has been a clear shift in the slope. During April, our statistics show that MobilePay became the third most popular online payment method among consumers, after OP and Nordea. The shares of the popularity of payment methods have changed very rigidly so far, so this is exceptional.

“The biggest change is that the app has only been used more by existing users,” says Kari Melender, Paytrail’s Compliance Officer Director. He sees four reasons for this: usability, a change in consumer behavior, a forced digital leap in Finland, and payment hygiene.

Change in consumer behavior and good usability as keys to growth

The reasons overlap somewhat. Consumers are demanding an ever better and smoother experience from everyone involved in online shopping. When it comes to payment, the MobilePay user experience is very easy and fast. Consumers who have tried MobilePay prefer the app more when paying.

One powerful factor behind the change in consumer behavior is the eruption of the Corona virus during the Spring, which has a profound impact on what we do, our thinking and our business. When physical services were not possible, the nation has taken a forced digital leap. As a result, new target groups are now being reached online. Even those who have not inherently made online purchases in the past have, as an exception, learned to shop online.

In some industries, the decrease in business has been dramatic, but in some industries, online transactions have increased sharply. The Corona crisis has forced the discovery of new operating models, such as restaurants and hardware stores, many of which have relocated their business online to cope with the pandemic. This, in turn, contributes to expanding the number of new consumers available online.

Hygiene when paying has been discussed frequently and has also some role in changing consumer behavior. Indeed, many consumers have moved to pay for their purchases on MobilePay, for hygiene reasons. Through the positive experience gained in at physical stores, the payment method will also be selected online.
Will the growth continue at the same rate during the Summer? We believe that growth will continue to be strong, as public interest in MobilePay has grown strongly from both consumers and merchants.

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