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Lithuania Cards and Payments - Opportunities and Risks to 2024

Lithuania Cards and Payments - Opportunities and Risks to 2024

  • November 2020
  • 51 pages
  • ID: 5988421
  • Format: PDF
  • GlobalData

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Lithuania Cards and Payments - Opportunities and Risks to 2024

Summary
’Lithuania Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in Lithuania’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, and credit transfers during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together 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.

’Lithuania Cards and Payments - Opportunities and Risks to 2024’ report provides top-level market analysis, information and insights into Lithuania’s cards and payments industry, including -
- Current and forecast values for each market in Vietnam’s 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 Lithuania’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope
- To further promote electronic payments, the European Payment Council’s instant payment scheme SCT Inst was launched in Lithuania in November 2017. The solution is offered via CENTROlink. According to BoL, over 70,000 instant payments are made daily through the CENTROlink payment infrastructure. The solution is offered 24 hours a day, seven days a week, 365 days a year by various financial institutions, including Citadele and Šiauliu Bankas.
- Contactless payments are gaining prominence in Lithuania, with major banks now offering contactless cards. Swedbank was the first bank to introduce contactless cards in Lithuania in 2016. As of August 2020, Swedbank had more than 1.1 million contactless cards in circulation. Commercial banks offer a variety of contactless payment methods to boost uptake and usage. Citadele enables its users to make contactless payments by linking their card account to a bracelet, card, ring, phone, or mobile wallets including Apple Pay. Similarly, Swedbank allows users to make contactless payments using Fitbit Pay and Garmin Pay watches in Lithuania. To further increase contactless adoption, BoL increased the contactless card payment limit without a PIN from €25 ($28.07) to €50 ($56.14) in March 2020. These initiatives are likely to further drive card-based payments over the coming years.
- American Express previously had a presence in Lithuania, offering credit cards in partnership with Citadele. However, this presence ended following its decision to cease operations in the Baltic countries in 2018. Yet its cards are still accepted for payments. In February 2020, Swedbank partnered with American Express, enabling partner merchants in Lithuania to accept payments made using American Express cards. Swedbank provides transactional processing services to merchants in Lithuania for these cards. The partnership aims to offer convenience to tourists visiting the region using American Express payment cards.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Lithuania’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Lithuania’s cards and payments industry.
- Assess the competitive dynamics in Lithuania’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Lithuania.
- Gain insights into key regulations governing Lithuania’s cards and payments industry.

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