Payments Landscape in Lithuania: Opportunities and Risks to 2023
GlobalDatas 'Payments Landscape in Lithuania: Opportunities and Risks to 2023' report provides detailed analysis of market trends in the Lithuanian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, and credit transfers during the review-period (2015-19e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalDatas 'Payments Landscape in Lithuania: Opportunities and Risks to 2023' report provides top-level market analysis, information and insights into the Lithuanian cards and payments industry, including -
- Current and forecast values for each market in the Lithuanian cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash, cards, and credit transfers. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Lithuanian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- To boost electronic payments in the country, BoL launched the Single Euro Payments Area (SEPA) instant payment system, SCT Inst, in November 2017. The solution was implemented into the countrys payment system, CENTROlink, enabling individuals to transfer a maximum of 15,000 ($17,183.22) within 10 seconds at any time of the year. To increase the scope and acceptance of instant payments, BoL partnered with European payments company SIA to access RT1, the pan-European instant payments infrastructure, in January 2018.
- In order to promote the adoption and use of electronic payments, BoL passed a new regulation in February 2017 requiring banks to offer basic bank account packages for a minimum monthly fee. These included a bank account, e-banking, a payment card, deposit and online transfer facilities, and cash withdrawals. The fee is capped at 1.50 ($1.72) per month, or 0.75 ($0.86) for low-income residents, applicable until December 31, 2019.
- Contactless technology is gradually gaining prominence in Lithuania. The number of contactless cards in the country is estimated to reach 1.3 million in 2019, up from just 73,000 in 2016. According to Swedbank, its contactless card payments value increased from 0.7m ($0.8m) in March 2017 to 14.0m ($16.0m) in March 2018. The bank was the first to introduce contactless cards in Lithuania in 2016. To further increase contactless adoption, BoL increased the contactless card payment limit to 25 ($28.64) in October 2017. These initiatives are likely to further drive card-based payments over the coming years.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Lithuanian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Lithuanian cards and payments industry.
- Assess the competitive dynamics in the Lithuanian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Lithuania.
- Gain insights into key regulations governing the Lithuanian cards and payments industry.
Table of Contents
Payments Infrastructure & Regulation
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