What happened to the P27 Nordic payment platform?

P27 aimed to create one clearing house for Nordic payments in several currencies. It withdrew its clearing license application in April 2023, after Swish and the Danish banks chose other paths. Each country now modernizes its own payment infrastructure.

P27 and the Nordic rails

The Nordic banks built instant payments early, and most account-to-account flows now settle in seconds. The plan for a shared Nordic clearing house stalled when P27 Nordic Payments withdrew its clearing license application in April 2023, so each country keeps its own rails. Each country also keeps its own habits: Denmark keeps its domestic Dankort and Norway its BankAxept debit scheme, while Sweden and Finland run on Visa and Mastercard.

National rails after P27

Norway recorded 210 million instant payments in 2025, the largest share of them started from Vipps. In Denmark, though, less than 5% of payments in physical stores are instant payments, and recurring bills run through Betalingsservice, the direct debit service operated by Nets. Finnish banks run the Siirto instant transfer service, used by 14% of Finns. In Sweden, 91% of people had used Swish in the last month in the Riksbank's 2025 survey.

More detail in our #PayWorldTour guide Payment methods in the Nordics.