Lithuania Cards and Payments - Opportunities and Risks to 2025

Lithuania Cards and Payments - Opportunities and Risks to 2025

  • May 2022 •
  • 54 pages •
  • Report ID: 5988421 •
  • Format: PDF
Lithuania Cards and Payments - Opportunities and Risks to 2025

Summary
‘Lithuania Cards and Payments - Opportunities and Risks to 2025’ 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 cash, cards and credit transfers during the review-period (2017-21e).

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 (2021e-25f). 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.

The 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.
- Ecommerce 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.

Scope
- The Lithuanian government made amendments to the Lithuanian Labour Code, which became effective from January 1, 2022. As per the new guidelines, wages and other payments made to employees (such as daily allowances and reimbursements) must be paid via bank transfer to the employee’s bank account. This move is expected to boost banking penetration and debit card adoption.
- Contactless payments are becoming more popular in Lithuania, with major banks now offering contactless cards. According to the European Central Bank, 54% of total card payments in Lithuania were contactless in 2020. 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 EUR25 ($28.44) to EUR50 ($56.88) in March 2020.
- Alternative payment solutions are gaining prominence in the country. In June 2019, Apple Pay was launched in Lithuania. The solution enables users to conduct online, in-app, and in-store payments by adding their cards to their Apple Pay wallet. Users can store debit, credit, and store card details within Apple Pay and use them to make payments. In November 2020, Google launched its digital payment solution Google Pay in Lithuania. The solution enables Android device users to make contactless in-store and online purchases. Users need to link their debit or credit card and tap their device at merchant terminals to make in-store payments. Google Pay ensures payment security through tokenization as it does not store card information within the app, instead using a virtual card number that is different from the actual card number.

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.
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