The latest review of the payments market by Eesti Pank states that all card payment terminals should be able to handle contactless payments by 2020. More and more innovative solutions will appear in Estonia alongside the traditional payment solutions.
“The development in the global and... more
- The number of international payments rose faster in the final quarter of last year than the number of domestic payments did
- The majority of domestic payments are card payments
- The rise... more
Eesti Pank, the Estonian Banking Association, businesses and consumer protection authorities decided at the Estonian Payment Forum that it would be wise to encourage bank clients to use more modern and more secure methods of authentication rather than code cards. Some 300,000 bank clients in... more
- The incomes and pensions of 90% of people in Estonia are paid by bank transfer, and only 4% in cash
- Some 80% of people use both bankcards and cash to pay for their daily purchases, and the rest use only one exclusively
- Cash is mainly used when it is not possible to pay... more
Deputy governor of Eesti Pank Madis Müller says that within a year all the banks operating in Estonia should start providing instant payments to allow payment service users to send payments from one bank to another within seconds. SEB is the only bank in Estonia that currently offers instant... more
Residents and companies in Estonia made an average of 1.2 million domestic payments a day in the third quarter, with a total turnover of 369 million euros. The number of payments is up 6.5% over the year, and turnover... more
On Monday the Baltic states joined the single European settlement platform TARGET2-Securities, where around half a million transactions are made each day with a total turnover in excess of 700 million euros. Joining the platform will allow Estonian investors to buy and sell European securities... more
Individuals in Estonia made an average of 1.1 million cashless payments per day in the second quarter of 2017. The number of payments was 7% and the turnover 8% higher than it was at the same time last year.... more
At the Estonian Payment Environment Forum yesterday Eesti Pank presented the results of a survey of the impact of the regulation on interchange fees for card payments. The survey clearly showed that the costs of card payments have fallen primarily for larger businesses.
Eesti Pank... more
It is planned that at the end of 2017, real-time payments will be introduced in several euro area countries, but Estonia has not yet fixed a date for this to happen. The experience of the United Kingdom and... more