New Financial Services market report from Timetric: "Emerging Opportunities in Estonia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape"

Boston, MA -- (SBWire) -- 11/01/2013 --Estonia's card payments channel exhibited negative growth during the review period (2008-2012), declining at a CAGR of -0.73% from 1.84 million cards in 2008 to 1.79 million cards in 2012. This can be attributed to the economic slowdown in the country during 2008-2011. Over the forecast period (2013-2017), the channel is expected to register a marginal growth at a CAGR of 0.25%, rising from 1.80 million cards in 2013 to 1.81 million cards in 2017. Estonia's consumers are shifting from cash-based to cashless payments, although the pace of the shift was low during the review period due to the impact of the economic slowdown, but is expected gain momentum over the forecast period. The number of POS terminals increased from 24,133 in 2008 to 27,651 in 2012, at a CAGR of 3.46%. In contrast, the number of ATM machines declined from 1,018 in 2008 to 934 in 2012. This indicates a decline in the use of cards for cash withdrawals, and higher use of cards for retail purchases.

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Key Highlights

- Estonia's consumers are shifting from cash-based to cashless payments, although the pace of the shift was low during the review period due to impact of the economic slowdown, but is expected gain momentum over the forecast period.
- Estonia's card payments channel is dominated by foreign banks. The combined market shares of foreign operators such as Swedbank, SEB Pank, Sampo (wholly owned by Danske) and Nordea accounted for 90% of the banking industry in 2012. In terms of number of cards in circulation, Swedbank accounted for 63.2% of the debit cards category in 2011 with 889,663 cards, followed by SEB Pank with 25.8%.
- By the end of December 2012, the number of internet users in Estonia reached 1.1 million users, representing an internet penetration of 83.2%. The Estonian government offers a range of public online services such as electronic voting, online healthcare and online banking through state owned banks. Additionally, consumers are offered a range of e-government services such as legal aid, education services and company registration.
- To increase the channel share of card payments, banks and issuers are adopting new product and pricing strategies with the aim of attracting larger customer bases. Incentives offered by banks include discounts at participant retail outlets, rewards points and increased daily limits for cash withdrawals. Banks are also segmenting their customer bases target specific customer groups.

Scope

- This report provides a comprehensive analysis of Estonia's cards and payments industry
- It provides current values for Estonia's cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Estonia's cards and payments industry
- It outlines the current regulatory framework in the industry

Companies Mentioned in this Report: AS SEB Pank, Nordea Bank Estonia, Swedbank AS, Visa, MasterCard

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