Lithuania Cards and Payments: Opportunities and Risks to 2028

The ‘Lithuania Cards and Payments: Opportunities and Risks to 2028' 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 cards, credit transfers, and cash. 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.

The ‘Lithuania Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Lithuania cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, and cash during the review-period (2020-24e).

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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’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.

• 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 the Lithuanian cards and payments industry.

Key Highlights

• Digital-only banks have helped drive competition in the banking space, 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 growing implementation of tap-and-go methods in public transportation services. In September 2023, the public transport operator in the city of Vilniaus - Vilniaus Viešasis Transportas - announced plans to phase out paper-based public transport tickets, replacing them with electronic or e-tickets, by September 2024. This will allow contactless bank cards to be used for payments on public transport. In March 2023, Klaipeda Public Transport partnered with Ridango, an Estonian technology company, to enhance the ticketing system in Klaipeda with contactless payment capabilities, contributing to the growth of contactless cards in Lithuania.
• The ecommerce market in Lithuania has experienced steady growth in recent years, with consumers feeling increasingly comfortable with online shopping. According to Euro Merchant Bank (EM Bank), in 2023, most Lithuanians preferred buying clothing and footwear online. Additionally, one-third of customers frequently searched for cosmetic products. To capitalize on this growing market, new ecommerce services are being launched by both domestic and international companies in the country. In August 2023, Chinese online marketplace, Temu, launched, offering products across various categories, including electronics, fashion, and home essentials.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Lithuania along with detailed card segmentation of debit and credit cards available in the country.
• Market sizing and analysis of major payment instruments including cards, credit transfers, and cash .
• Payment market trends and growth for both historical and forecast period.
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

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