Estonia Cards and Payments – Opportunities and Risks to 2025

Pages: 60 Published: July 29, 2022 Report Code: GDFS0617CI

GlobalData’s ‘Estonia Cards and Payments – Opportunities and Risks to 2025' report provides detailed analysis of market trends in the Estonian 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 (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 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.

The report provides top-level market analysis, information and insights into the Estonian cards and payments industry, including –

– Current and forecast values for each market in the Estonian cards and payments industry, including debit, credit and charge 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 Estonian cards and payments industry.

– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

– Comprehensive analysis of consumer attitudes and buying preferences for cards.

– The competitive landscape of the Estonian cards and payments industry.


– The emergence of contactless technology will further boost card payments in Estonia. Major banks such as Skandinaviska Enskilda Banken (SEB), Swedbank, Luminor Bank, and LHV Pank are now offering contactless cards. According to Eesti Pank (the country’s central bank), as of June 2021 almost all POS terminals in Estonia supported contactless payment functionality. The number of contactless cards in Estonia recorded a CAGR of 44.1% over 2017-21e to reach 1.5 million cards in 2021e. A CAGR of 6.6% over the forecast period will bring this figure to 2.0 million in 2025f. Amid COVID 19, the contactless payment limit without a PIN was doubled from EUR25 ($28.44) to EUR50 ($56.88) in March 2020, which further boosted contactless card adoption and use.

– The emergence of digital-only banks will boost payment card growth in Estonia. Germany-based digital-only bank N26 launched its services in December 2016. It allows users to open an account and receive a Mastercard-branded debit card. Netherlands-based bunq expanded its services to Estonia in October 2019, while UK-based Revolut launched its banking services in the country in March 2021. The latter offers individual and business accounts along with a Mastercard-branded debit card.

– Alternative payments are gaining prominence in the country, with a number of international and domestic payment methods being offered. In November 2020, Google launched its payment solution Google Pay in Estonia. The solution allows in-store, online, and in-app payments. Users can store card details for future payments by scanning the front of the card, using the app or entering the card information manually. Supporting issuers in Estonia include Swedbank, N26, Inbank, Revolut, Monese, and LHV Pank. Apple Pay was previously launched in Estonia in June 2019. It allows users with Apple devices to make online, in-app, and in-store purchases.

Reasons to Buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Estonian cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the Estonian cards and payments industry.

– Assess the competitive dynamics in the Estonian cards and payments industry.

– Gain insights into marketing strategies used for various card types in Estonia.

– Gain insights into key regulations governing the Estonian cards and payments industry.

Key Players



LHV Bank

Luminor Bank

Danske Bank

Table of Contents

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation


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