2024-04-10 18:08:09
More than half of the respondents (59% of Lithuanians, 58% of Latvians and 69% of Estonians) indicated that they usually pay with a physical payment card. One in five respondents (23% of Lithuanians, 22% of Latvians and 19% of Estonians) stated that they usually pay by phone. 15 percent indicated that they mostly use cash. Lithuanians, 17 percent. Latvians and 9 percent Estonian respondents. Smart devices – watch, payment ring or other – pay 2 percent each. of those interviewed.
“It wasn’t so long ago that we couldn’t imagine our daily life without cash. However, the supply of digital solutions has grown significantly in a relatively short period of time. We can pay using new technologies, and if you want to make a deposit or save for the future in other ways, we can do it remotely. This simplifies the use of services, and at the same time helps to change our habits and save time. It is possible that in the future we will not use payment cards more, but other innovative ways that may not have been invented yet”, says Rūta Ežerskienė, a member of the Citadele bank board responsible for retail banking.
According to her, the supply of digital solutions is increased not only by the increased population, but also by business needs. For example, when employers start universally transferring employees’ salaries to a bank account, basically all employees of one company can receive their salary at the same time, without having to carry cash. This provides both security and convenience.
According to the survey data, when choosing a payment card, the contactless payment function is most important to respondents (63 percent of Lithuanians, 57 percent of Latvians and 57 percent of Estonians). Although many respondents consider the card’s monthly fee (52% of Lithuanians, 61% of Latvians and 58% of Estonians), many also consider the benefits of the card.
Every third respondent (35% of Lithuanians, 30% of Latvians and 36% of Estonians) hopes to receive additional benefits with the card, such as travel or purchase insurance, various other offers or discounts (27% of Lithuanians, 33% of Latvians and 42 percent of Estonians) and participate in loyalty programs (29 percent of Lithuanians, 39 percent of Latvians and 34 percent of Estonians). Estonians pay the most attention to the visual appearance of the card – 12 percent. (7 percent of Lithuanians and 8 percent of Latvians).
“When choosing a service provider, it is increasingly taken into account what additional value it can provide. For example, card-based travel accident insurance, a points program for spending money, where points can be exchanged for car washing, food delivery or other valuable prizes. Or gamification of the user experience is becoming more and more popular, when a person can set financial tasks for their children in a mobile app, plan expenses, divide them by categories, etc., thus personalizing the customer experience”, says R. Ežerskienė.
On behalf of Citadele Bank, a representative survey of the population of the Baltic States was conducted by research agency Norstat in March 2024. At least 1,000 residents aged 18 to 74 were surveyed in Lithuania, Latvia and Estonia using an online survey.
2024-04-10 18:08:09