Recently, Equinix sponsored the NextGen Nordics Webinar, where a panel of payments experts discussed the continuing development of the highly anticipated P27 Nordic Payments Platform, an initiative by six of the largest banks in the Nordics. P27 will establish the first integrated regional platform that allows participating banks, fintech companies and payment processors in the Nordics to transact domestic and cross-border, multi-currency payments instantly, seamlessly and securely.
Consumer expectations for what's possible with digital payments are on the rise. According to the Mastercard New Payments Index, 84% of consumers expect to buy what they want, when and how they want. While it's common for the 27 million residents of the four Nordic countries to travel via car, ferry or train to work, visit family and friends, shop or dine out in neighboring countries, what's not common is the currency used in each country. Citizens in these countries have created their own workaround by setting up bank accounts in multiple countries. That's where the concept of a unified payments platform comes into play.
Today across the Nordics you can find a Starbucks in every town and order your favorite coffee. If P27 is successful, payments will become as ubiquitous as Starbucks. Citizens in the region will be able to pay via P27 wherever they are and whatever they are doing. The P27 platform will transform how banks process domestic and cross-border payment transactions. Other ecosystem participants such as fintech service providers and digital supply chain companies in retail, manufacturing, insurance, travel, and other industries will benefit from embedding these alternative payment options into their digital experiences.
Equinix Inc. published this content on 11 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2022 08:17:01 UTC.