Estonia Cards & Payments: Opportunities and Risks to 2023

GlobalData’s 'Estonia Cards & Payments: Opportunities and Risks to 2023' 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 credit transfers, cards, and cheques during the review-period (2015-19e).

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 (2019e-23f). 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.

GlobalData’s 'Estonia Cards & Payments: Opportunities and Risks to 2023' 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 credit transfers, cards, and cheques. 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 the Estonian cards and payments industry.

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


– To remain on a par with its European peers and to promote electronic payments, Estonia has adopted instant payments. In November 2017, SEPA Instant Credit Transfer – a pan-European instant payment scheme – was implemented across SEPA-compliant regions, including Estonia. The scheme enables fund transfers of up to €15,000 ($17,183.22) in less than 10 seconds across Europe – 24 hours a day, seven days a week, 365 days a year. The service was initially introduced in Estonia by SEB; other banks such as Swedbank and LHV Pank started to offer instant payments by the end of 2018. And in November 2018, TARGET Instant Payment Settlement was launched across the EU, including Estonia. It is based on SEPA Instant Credit Transfer and is an extension of TARGET2. Apart from being available at all times, it also supports multi-currency transfers.

– Estonian banks are increasingly focusing on security and payment authentication to offer customers a secure payment environment. In March 2017, Swedbank and SEB introduced the Smart ID electronic authentication solution. The app helps bank customers conveniently log into internet or mobile banking and make payments digitally. To use the service, consumers download the app and register. They are then required to set two PIN codes (the first to access internet banking, the second for payment authorization) to access electronic services. The app can be used for e-identification and digital signatures to authenticate payments made using electronic platforms. Other banks such as LHV Pank (May 2017) and Coop Pank (May 2018) have also introduced Smart ID, while Luminor Bank plans to introduce it by the end of 2019. As of September 2019 there are 450,000 Smart ID users in Estonia.

– The emergence of contactless technology will further boost card payments in Estonia. Major banks such as SEB, Swedbank, Luminor Bank, and LHV Pank are now offering contactless cards. According to Eesti Pank (the country’s central bank), as of June 2019 61% of cards issued in the country were contactless. On average, 240,000 contactless payments were made per day in Q2 2019. In a bid to drive contactless card use, in October 2017 the limit for contactless payments without the need for a PIN was increased from €10 ($11.46) to €25 ($28.64). Meanwhile, transportation and ticketing companies are introducing payments via contactless cards. Transit ticketing provider Ridango collaborated with Tallinn Transport Board, Nets Estonia, LHV Pank, and Mastercard to enable travelers to pay with their contactless cards on Tallinn trams, buses, and trolleybuses.

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 theEstonian 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.

Companies mentioned



Luminor Bank

Danske Bank


LHV Pank

Coop Pank

Eesti Pank



Table of Contents

Table of Contents

Market Overview

Card-based Payments

E-commerce Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation



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