Slovenia Cards and Payments – Opportunities and Risks to 2028

Slovenia Cards and Payments Market Report Overview

The annual value of card transactions in the Slovenia cards and payments market was $12.2 billion in 2023 and the value will grow at a CAGR of more than 8% during 2024-2028. The country’s payments market is considered fast-developing because of the consistent surge in technological innovations and the launch of new banking and payment services. This is supported by government initiatives to improve banking penetration, increasing financial knowledge among citizens, and efforts by banks to promote electronic payments.

Slovenia Card Transactions Outlook, 2023-2028 ($ Billion)

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The Slovenia 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 Slovenia 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.

Slovenia Cards and Payments Market Dynamics

Although cash accounts for over 40% of payment volume in Slovenia, consumers are increasingly embracing card-based payments. This trend is driven by the convenience of electronic payments, the availability of contactless technology, and a growing e-commerce market. Debit cards are the most popular card type and are increasingly being used for payments, as consumers are gradually switching to debit cards for low-value transactions. Furthermore, Slovenia’s e-commerce market rose significantly because of the proliferation of internet and smartphone penetration as well as online shopping events such as Black Friday and Cyber Monday.

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Slovenia Cards and Payments Market Segmentation by Payment Instruments

Cash accounted for the highest transaction volume in 2023.

The key payment instruments in the Slovenia cards and payments market are cash, cards, credit transfers, direct debits, and cheques. Slovenians preferred to pay in cash mainly for low-value transactions. However, the share of cash transactions is gradually decreasing as electronic payments grow in popularity (especially among younger generations) amid improving payments infrastructure.

Slovenia Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Slovenia Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

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

Card-Based Payments: While cash remains the preferred payment tool, payment cards are gaining traction. Moreover, the growing preference for electronic payments, improving payment infrastructure, and the rising adoption of contactless technology will drive growth in the payment card market over 2024f–28f.

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Slovenia Cards and Payments Market - Competitive Landscape

A few of the leading players in the Slovenia cards and payments market are:

• PayPal
• VALU
• mBills
• Google Wallet
• Apple Pay

PayPal: It is a money transfer and e-commerce payment provider, which allows users to transfer money from their bank account to their PayPal account to make online payments without the need for bank cards. The major advantage is that the financial information of the buyer is not shared with the seller.

Slovenia Cards and Payments Market Analysis by Players, 2023

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Slovenia Cards and Payments Market – Latest Developments

• In March 2023, the European real-time gross settlement system T2 was launched in the country, replacing the previously used TARGET2 system. Meanwhile, to facilitate instant domestic transfers between bank accounts, the Flik instant payment system was launched in April 2020.
• in June 2023, Revolut launched a new account for premium customers. The Ultra account includes a platinum plated Mastercard debit card and benefits such as free airport lounge access, global medical insurance, and personal liability insurance.

Segments Covered in the Report

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

• Cash
• Cards
• Credit Transfers
• Direct Debits
• Cheques

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

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

Scope

• Flik was launched in Slovenia in April 2020. It was developed by 15 Slovenian commercial and savings banks, in co-operation with national payment processor Bankart. Flik allows users to make P2P fund transfers between customers of member banks using the recipient’s phone number or email address, as well as consumer-to-business transfers at partner merchants. As of March 2024, Flik is accepted by over 2,500 merchants and service providers in Slovenia. The payment system was created in line with the SCT Inst system.

• Digital-only banks are launching new products, helping drive payment card usage in the country. For instance, in June 2023, Revolut launched a new account for premium customers. The Ultra account includes a platinum-plated Mastercard debit card and benefits such as free airport lounge access, global medical insurance, and personal liability insurance.

• Contactless cards are gaining traction, driving payment card transaction value and volume. As per GlobalData’s Payment Cards Analytics, there were 3.7 million contactless payment cards in Slovenia as of 2023e, with this figure set to reach 4.3 million by 2028f. The availability of contactless payments within transport networks is helping to boost usage. In November 2023, Ljubljana Passenger Transport installed contactless payment terminals on the city’s buses enabling commuters to make payments using Mastercard and Visa cards, Urbana city cards, and mobile wallets.

Reasons to Buy

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