Payments Landscape in Estonia: Opportunities and Risks to 2022

Payments Landscape in Estonia: Opportunities and Risks to 2022

Summary

This "Payments Landscape in Estonia: Opportunities and Risks to 2022", report provides detailed analysis of market trends in Estonia's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cheques, and cards during the review-period (2014-18e).

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 (2018-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together This research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into Estonia's cards and payments industry, including -

• Current and forecast values for each market in Estonia's cards and payments industry, including debit, credit, and charge cards.


• Detailed insights into payment instruments including credit transfers, cheques, and cards. 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, credit, and charge cards.

Scope

• To remain on a par with its European peers and to promote electronic payments in the country, Estonia is adopting instant payments. In November 2017 the SEPA Instant Credit Transfer (SCT Inst) Scheme - a pan-European instant payment scheme - was implemented across SEPA-compliant regions, including Estonia. The scheme enables fund transfers of up to €15,000 ($17,997.92) in less than 10 seconds across Europe, 24 hours a day seven, days a week, 365 days a year. The service was initially introduced by AS SEB Pank (SEB) in Estonia. The central bank has also asked all banks operating in Estonia to offer instant payments by the end of 2018.


• The emergence of contactless technology will further boost card-based payments in Estonia. Major banks such as SEB and Swedbank are now offering contactless cards. According to the central bank, as of October 2017 17% of all cards issued are contactless - rising from just 4% at the end of 2016. To further push contactless card use, in October 2017 the limit for contactless payments without the need for a PIN was increased from €10 ($12) to €25 ($30). According to the central bank, as of 2017 85% of terminals in Estonia accept contactless payments; by 2020 this will apply to all card terminals.


• To further drive contactless payments, transportation and ticketing companies are planning to introduce ticket payments through contactless cards in Estonia. Transit ticketing provider Ridango has collaborated with the Tallinn Transport Board, Nets Estonia, LHV Pank, and Mastercard to enable travelers to pay with their contactless cards on Tallinn trams, buses, and trolleybuses by November 2018. Similarly, in August 2017 rail transit company Elron announced that it will introduce a ticketing system that will accept contactless payments.

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.