Lithuania Cards and Payments - Opportunities and Risks to 2026

Lithuania Cards and Payments - Opportunities and Risks to 2026

Summary

GlobalData’s ‘Lithuania Cards and Payments - Opportunities and Risks to 2026' 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 cards, cash, and credit transfers during the review-period (2018-22e).

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 (2022e-26f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s 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.

This 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 Lithuania's cards and payments industry, including debit and credit cards.Detailed insights into payment instruments including cards, cash 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 Lithuania's cards and payments industry.Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.Comprehensive analysis of consumer attitudes and buying preferences for cards.The competitive landscape of Lithuania's cards and payments industry.ScopeThe proliferation of digital-only banks has helped drive competition in the banking space, thus boosting debit card holding. In December 2021, Revolut was upgraded from a specialized bank license to a banking license. This enabled Revolut to complement its existing product offerings (deposit acceptance and granting loans) with payment services (including card payments, direct debits, credit transfers, cash withdrawals, and remittances). Finland-based fintech Saldo Bank launched its banking operations in Lithuania in February 2023. Similarly, the Estonia-based digital bank Luminor has been operating in Lithuania since 2020.Contactless payments are gaining prominence in Lithuania, with major banks now offering contactless cards. According to the European Central Bank (ECB), 53% of total card payments in Lithuania were contactless in 2022. 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 smart bracelet, ring, or phone, or to a mobile wallet such as Apple Pay. Similarly, Swedbank allows users in Lithuania to make contactless payments using Fitbit Pay and Garmin Pay watches.The Lithuanian government made amendments to the Lithuanian Labour Code, which came into effect on 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.Reasons to Buy

This report provides top-level market analysis, information and insights into Lithuania's cards and payments industry, including -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.