Estonia Cards and Payments – Opportunities and Risks to 2027

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Estonia Cards and Payments Market Report Overview

The Estonia cards and payments market size was valued at $11.2 billion in 2023 and is expected to achieve a CAGR of more than 7% during 2023-2027. The government’s financial inclusion initiatives has encouraged the people of Estonia to gradually adopt electronic payment methods over 2019–23e. Other government initiatives including VAT reductions on both debit and credit card payments, offering subsidies on point-of-sale (POS) terminals for SMEs, as well as banks offering basic bank accounts and payroll accounts, have helped foster payment card adoption in the country.

Estonia Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Estonia Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Estonia cards and payments market research report provides a detailed analysis of market trends in Estonia’s cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, cards, credit transfers, and cash during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Market Size (2023) $11.2 billion
CAGR >7%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Credit Transfers

·        Cash

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        Alternative Payments

Leading Players ·        Swedbank

·        Luminor Bank

·        SEB

·        Mastercard

·        Visa

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Estonia Cards and Payments Market Dynamics

Estonians are prolific users of payment cards. The emergence of contactless technology will further boost card payments in Estonia. According to GlobalData’s Payment Cards Analytics, the number of contactless cards in the country increased significantly since 2019.

The growing popularity of digital-only banks and digital payments, particularly among millennials, is driving competition in the banking space, helping to boost debit card holding. UK-based Revolut offers Standard, Plus, Premium, and Metal accounts, which come with a debit card. As of April 2023, Revolut had served more than 60,000 customers in Estonia. Meanwhile, digital-only bank N26 offers N26 Standard, Smart, and Metal accounts to its users along with a debit card. Additionally, it offers N26 Business Standard, Smart, and Metal accounts to its business customers along with a debit card.

Estonia Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Estonia cards and payments market are cards, credit transfers, and cash. In 2023, cards are the preferred non-cash payment method by transaction volume. The country’s high banking population, strong payment infrastructure, and rising adoption of contactless payments are all facilitating increased payment card usage.

Estonia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Estonia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Estonia Cards and Payments Market Segments

The key segments in the Estonia cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-based Payments: The three types of cards are debit cards, credit cards, and charge cards. Debit cards dominate the payment card market in 2023e in volume terms. This is due to consumers’ preference for debt-free payments, with prudent spending resulting in the dominance of debit cards in terms of transaction volume and value.

E-commerce Payments: Estonia’s e-commerce market rose significantly in 2022. Rising internet and smartphone penetration, coupled with increasing consumer confidence in online transactions, has contributed to the expansion of e-commerce. Online shopping events such as Black Friday and Cyber Monday will continue to help increase the use of e-commerce in Estonia. To promote online purchases further in the country, the Estonian E-Commerce Association conducts E-Monday, an e-shopping event on the first Monday of March, May, September, and November.

Payment Cards Analysis by Segments, 2023 (%)

Payment Cards Analysis by Segments, 2023 (%)

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Estonia Cards and Payments Market - Competitive Landscape

Some of the leading players in the Estonia cards and payments market are Swedbank, Luminor Bank, SEB, Mastercard, and Visa.

Segments Covered in the Report

 Estonia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Credit Transfers
  • Cash

Estonia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments


This report provides:

  • Top-level market analysis, information, and insights into Estonia’s cards and payments industry
  • Current and forecast values for each market in Estonia’s 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.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing Estonia’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 Estonia’s cards and payments industry.

Reasons to Buy

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

LHV Bank
Luminor Bank
Danske Bank
Esti Pank
Apple Pay
Google Pay
Ckick to Pay

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation


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