Interestingly, the survey found that both older and younger people are concerned about the security of their card details. 45 percent of 18-24 year olds and the majority of seniors are concerned about the safety of this process. A quarter of the respondents said that they would prefer to use another application if the payment requires saving the card details.
Despite concerns about saving card information, bank or credit card payments are still a popular way for Finns to buy apps via smartphone. Almost half (44%) of the respondents prefer to pay with a bank or credit card, as well as via online banking.
Mobile payment is another popular payment method among Finns, and a quarter of them choose it. Its popularity is particularly strong among 18-24 year olds, more than 40% of whom use it for in-app purchases.
The study also revealed that more than a third (32%) of Finns had paid for two to three digital services with their smartphone or tablet in the past year. A little over a fifth (21%) had paid for only one service and almost a third (27%) had not paid for any service.
The most popular paid digital services were streaming services such as Netflix, HBO and Elisa Viihde, which more than half (52%) of the respondents bought regularly. More than a third (35%) pay for music streaming services such as Spotify, while more than a fifth (21%) pay for e-books and audiobooks. Cloud storage services, such as Dropbox and Google One Drive, are purchased by slightly more than a tenth (12%) of Finns.
According to Lari Tuominen, CEO of Qvik Oy, service providers should plan their services for all ages, including the elderly. Tuominen points out that this is important not only in terms of social inclusion, but also because the older age groups have more than half of Finland’s wealth.
In summary, the study highlights the need for increased security measures when storing bank or credit card information in mobile applications. Nevertheless, it also shows that Finns prefer bank or credit card payments for in-app purchases. Service providers should strive to serve all age groups, including the elderly, as this demographic controls a significant portion of the country’s wealth.
Source: The Nordic Page