Lithuania Cards and Payments – Opportunities and Risks to 2026
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Lithuania Cards and Payments Market Report Overview
The annual value of card transactions in the Lithuania cards and payments market was $14.60 billion in 2022. The value will register a CAGR of more than 14% during 2022-2026. Lithuanians are prolific users of payment cards, with the frequency of card transactions higher than in well-developed markets such as the US, Germany, and Italy. While cash still accounts for most payments, electronic payments are rising to prominence with encouragement from the government and the country’s central bank, the Bank of Lithuania (BOL).
Lithuania Card Transactions Outlook, 2022-2026 ($ Billion)
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The Lithuania cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Lithuania cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.
Annual Value of Card Transactions (2022) | $14.60 billion |
CAGR (2022-2026) | >14% |
Forecast Period | 2022-2026 |
Historical Period | 2018-2021 |
Key Payment Instruments | · Cash
· Cards · Credit Transfers |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · Swedbank
· SEB · Luminor · Citadele · Siauliu bankas |
Lithuania Cards and Payments Market Dynamics
Strong growth in the e-commerce market is 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
In 2022, cash was the dominant payment instrument in Lithuania
The key payment instruments in the Lithuania cards and payments market are cash, cards, and credit transfers. 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.
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.
Card-based payments: The payment card market in Lithuania is well-penetrated and each individual holds 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 e-commerce growth will further boost the payment card market over the forecast period.
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Lithuania Cards and Payments Market - Competitive Landscape
A few of the key players in the Lithuania cards and payments market are:
- Swedbank
- SEB
- Luminor
- Citadele
- Siauliu bankas
Swedbank accounted for the highest debit card transaction value in 2022.
Lithuania Cards and Payments Market Analysis by Players, 2022
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Segments Covered in the Report
Lithuania Cards and Payments Market Payment Instruments Outlook (Value, $ Billion, 2018-2026)
- Cash
- Cards
- Credit Transfers
Lithuania Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)
- Card-Based Payments
- E-Commerce Payments
- Alternative Payments
Scope
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.
SEB
Luminor
Citadele
Siauliu bankas
Danske Bank
Visa
Mastercard
PayPal
Apple Pay
Google Pay
paysafecard
Paysera
Table of Contents
Frequently asked questions
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What was the annual value of card transactions in the Lithuania cards and payments market in 2022?
The annual value of card transactions in the Lithuania cards and payments market was $14.60 billion in 2022.
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What is the Lithuania card transactions growth rate?
The annual value of card transactions in Lithuania is expected to grow at a CAGR of more than 14% during 2022-2026.
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What are the key payment instruments in the Lithuania cards and payments market?
The key payment instruments in the Lithuania cards and payments market are cash, cards, and credit transfers.
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What are the key segments in the Lithuania cards and payments market?
The key segments in the Lithuania cards and payments market are card-based payments, e-commerce payments, and alternative payments.
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Who are the key players in the Lithuania cards and payments market?
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