Key takeaways from 2023 NextGen Nordics

We had the privilege of attending the recent NextGen Nordics conference held in Stockholm, where the focal point of discussion revolved around the highly anticipated launch of the P27 payments system. P27 aimed to establish a unified regional payments infrastructure across the Nordic countries. However, a few days prior to the conference, P27 withdrew it’s clearing license application from the Swedish Financial Supervisory Authority, following a previous rejection and Denmark's decision to pursue an alternative path. This unexpected turn of events prompted a swift reshuffling of the conference agenda, although P27 remained a prominent topic of conversation among attendees.

After our recent announcement with Montonio in the Nordic region, our team had an exciting story to tell at NextGen Nordics. The Montonio case study is an outstanding example of the power and flexibility of our core platform – TRITIUM®. Montonio is leveraging TRITIUM to offer an efficient closed-loop payments service to eCommerce merchants, featuring significantly lower processing fees compared to traditional card schemes.

Since the Nordics have wholeheartedly embraced digital payments, as demonstrated by 91% of the Swedish population who no longer rely on cash*, we foresee a promising opportunity for next-generation payment technology in the region. We see the Nordic region as a tremendous opportunity for a future-ready payments technology like E6.

As cutting-edge payment technologies like Sweden’s BankID —a mobile app enabling digital access to various banking and public services— and other methods like QR codes and biometrics are extensively employed across the region, we expect the continued digitisation of the payments process. Notably, there are highly successful digital wallet mobile payment applications like MobilePay in Denmark and Finland (branded as Vipps in Norway and Swish in Sweden), which share similar features with HSBC's PayMe. The prevailing environment emphasizes leveraging payment technology to enhance the customer experience and foster innovation.

While the show may be over, the energy and excitement continue to grow. We eagerly anticipate continued progress in the Nordic region, fueled by our commitment to advancing payments technology and delivering exceptional customer experiences.

*Source: Sweden.se"