Analytics, Banks, Direct Speech, Financial Services, Lithuania

The results of the latest Survey suggest that electronic payments, widespread in the modern world, have been slowly but surely becoming more and more important in our country as well. We believe that recent changes in the pricing of payment services of banks and credit unions in Lithuania – introduction of different baskets of payment services offered to customers, including the basket of key payment services for a limited fee, set by the Bank of Lithuania – will enable residents to use all advantages of electronic payments and not to be restricted in executing them.

According to him, the Survey revealed that while each payment transaction had still been subject to a fee, one third of the surveyed holding an account had not executed as many payments as they would have liked. Based on the results of the Survey, if payments at banks or credit unions were free of charge, 35% of respondents holding an account would make more payments.

Respondents who made utility payments online grew from 35% (in 2015) to 39% (in 2016) in number. Utility payments online were mainly executed by residents of the largest cities, aged 30–49, while the services of payment institutions were more frequently used by the rural population aged 50+. Those who executed utility payments at payment institutions declined from 42% (in 2015) to 40% (in 2016) in number. Last year, 26% of the surveyed, holding an account, made other payments, of these – 98%  made them online.

Based on the results of the Survey, residents less frequently paid in cash at trading venues or to other persons. In 2016, 26 per cent of the respondents did not make cash payments or card payments the day before the Survey (in 2015 – 22%), 44 per cent – paid only in cash (in 2015 – 47%), 20 per cent – paid using both payment instruments (in 2015 – 21%), while 10 per cent – paid using a payment card only (in 2015 – 10%).

The attitude towards payment cards has been gradually changing: those holding them more often prefer using them while making payments and more frequently feel a shortage of places where cards can be used.

The Bank of Lithuania, seeking to monitor and assess trends prevailing in the domestic payments market, changes taking place, and the habits of residents has, for the fifth consecutive year, been initiating a survey of Lithuanian residents on payment issues. The Review of the latest Survey is published on the website of the Bank of Lithuania.