The Bank of Lithuania has published a proposed strategy for the Lithuanian payments market through 2030 and opened a public consultation, setting out priorities intended to expand consumer choice and protection while supporting further development of payment services. The proposal is structured around three focus areas: security and resilience, accessibility of services, and customer mobility and innovation. The strategy points to rapid growth in electronic payments and instant payments adoption, including an increase in domestic cashless payments per capita from 160 in 2017 to 409 in 2024 and instant payments reaching 72% of interbank payments at the start of 2024. On fraud and operational risk, it notes over 13,000 fraud cases in 2024 with total losses of about EUR 20 million, and highlights payee verification as one tool to reduce misdirected payments while calling for discussion on additional fraud-prevention measures. It also covers contingency arrangements, including development of a solution that would allow card payments without an internet connection in the event of significant power or communications disruptions. On accessibility, the proposal flags the decline in physical service locations as payments move digital, and seeks solutions and best practices to maintain access for the whole population, including socially vulnerable groups. To improve mobility and competition, it proposes making it easier for consumers to switch providers and increasing transparency and availability of fee information; for innovation, it promotes wider use of European payment schemes and infrastructure, including exploring instant-payment-based point-of-sale alternatives to cards and supporting consensus-driven implementation of SEPA request to pay. The consultation is open to payment service providers, authorities, consumers and businesses and runs until 23 May.
Bank of Lithuania 2025-04-03
Bank of Lithuania consults on payments market strategy to 2030 centred on security service accessibility and customer mobility
The Bank of Lithuania proposed a payments market strategy through 2030, emphasizing security, accessibility, and innovation to enhance consumer choice and protection. It highlights electronic and instant payment growth, addresses fraud risks, and suggests measures for service accessibility and consumer mobility. It also promotes European payment schemes and infrastructure to foster innovation.