Lithuania Cards and Payments – Opportunities and Risks to 2026
Lithuania Cards and Payments Market Report Overview
The annual value of card transactions in the Lithuania cards and payments market was $14.60 billion in 2022 and is expected to grow at a CAGR of more than 14% during 2022-2026. Lithuanians are prolific users of payment cards, with the frequency of card transactions higher than in well-developed markets such as the US, Germany, and Italy. While cash still accounts for most payments, electronic payments are rising to prominence with encouragement from the government and the country’s central bank, the Bank of Lithuania (BOL).
The Lithuania cards and payments market research report provides a detailed analysis of market trends in the cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cards, cash, and credit transfers during the review period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.
Lithuania Card Transactions Outlook, 2022-2026 ($ Billion)
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Lithuania Cards and Payments Market Dynamics
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.
Strong growth in the e-commerce market is also driving retailers to launch their e-commerce platforms in Lithuania. In January 2021, the e-commerce platform TROBOS launched in the country, while the Germany-based e-commerce platform Zalando launched its online store in Lithuania in June 2021. The availability of online payment solutions such as PayPal, Apple Pay, and Google Pay will support e-commerce growth over the forecast period.
Lithuania Cards and Payments Market Segmentation by Payment Instruments
The key payment instruments in the Lithuania cards and payments market are cash, cards, and credit transfers. In 2022, cash was the major payment instrument and was followed by cards. Cash is still widely used in Lithuania, mainly for low-value, day-to-day transactions. However, with the increasing popularity of digital payments, especially among younger generations, cash usage will continue to decline going forward. The pandemic has also negatively impacted cash usage.
Lithuania Cards and Payments Market Analysis by Payment Instruments, 2022 (%)
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Lithuania Cards and Payments Market Segments
The key segments in the Lithuania cards and payments market are card-based payments, e-commerce payments, and alternative payments. The payment card market in Lithuania is well penetrated, with each individual holding more than one card on average. Debit cards are the most popular card type for payments. They are mostly used for low-value, day-to-day transactions. Meanwhile, measures are being taken to increase the use of credit cards. The growing preference for contactless payments and strong ecommerce growth are expected to further boost the payment card market over the forecast period.
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Lithuania Cards and Payments Market - Competitive Landscape
Some of the key players in the Lithuania cards and payments market are Swedbank, SEB, Luminor, Citadele, Siauliu bankas, Danske Bank, Visa, and Mastercard. Swedbank accounted for the highest debit cards transaction value in 2022.
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Lithuania Cards and Payments Market Research Overview
|Annual Value of Card Transactions (2022)||$14.60 billion|
|Key Payment Instruments||Cash, Cards, and Credit Transfers|
|Key Segments||Card-Based Payments, E-Commerce Payments, and Alternative Payments|
|Leading Players||Swedbank, SEB, Luminor, Citadele, Siauliu bankas, Danske Bank, Visa, and Mastercard|
Segments Covered in the Report
Lithuania Cards and Payments Market Payment Instruments Outlook (Value, $ Billion, 2018-2026)
- Credit Transfers
Lithuania Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)
- Card-Based Payments
- E-Commerce Payments
- Alternative Payments
This report provides:
- 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.
- 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of Lithuania’s cards and payments industry.
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.
Table of Contents
Payment Infrastructure and Regulation
Frequently Asked Questions
The annual value of card transactions in the Lithuania cards and payments market was $14.60 billion in 2022.
The annual value of card transactions in Lithuania is expected to grow at a CAGR of more than 14% during 2022-2026.
The key payment instruments in the Lithuania cards and payments market are cash, cards, and credit transfers.
The key segments in the Lithuania cards and payments market are card-based payments, e-commerce payments, and alternative payments.
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