Rapid Digitalization Leads to the Expansion of Estonia Cards and Payments Industry : Ken Research

  • In order to boost digitalization, the Estonian government introduced ‘e-Citizenship’ under which foreign nationals could easily conduct online business in Estonia and the European Union.
  • Trends such as rising adoption of contactless technology are driving growth in the Estonian cards and payments industry.

Ken Research announced its latest publication on, The Cards and Payments Industry in Estonia: Emerging Trends and Opportunities to 2020”, provides a detailed analysis of the market trends in the cards and payments industry of Estonia. The report examines the key performance indicators such as check payments, credit transfers, cash transactions, payment cards and direct debits made during 2010-2014, for analyzing major trends in the industry. It provides both review (2010-2014) and forecast (2015-2019) data regarding several sub-sectors of the industry. Additionally, the publication also includes profiles of the various issuers in the industry, offering insights into the trends and activities that impact the competitive advantage of the industry participants.


The cards and payments industry in Estonia is projected to grow rapidly over the next five years. The government’s initiatives towards digitalization, rising adoption of contactless technology and increased alternative payment methods are the key reasons for reform in the Estonian cards and payments industry. With regard to digitalization, the Estonian government is continually working towards increasing the broadband access in the nation. By 2020, it is projected that more than 60% of all internet connection in the country would be high-speed broadband of 100mbps. Such a move will ensure that a large proportion of Estonian population would be able to enjoy the benefits of an Internet-enabled lifestyle.

Furthermore, the Estonian cards and payments industry is also growing driven by rising adoption of contactless technology in the country. Leading banks such as Swedbank, LHV Bank and SEB have already announced plans of launching contactless technology in order to increase the uptake of contactless payments. For instance, Swedbank and SEB both plan to launch contactless cards by the end of 2016 and 2017 respectively. Also, to further propel the growth of contactless technology, the government has also launched its ‘e-Residency’ initiative under which foreign nationals can conduct online business in Estonia along with accessing government services electronically.  Additionally, alternative payments methods have also become popular with the availability of options like Fortumo, WoraPay and Taxify. All these businesses have launched their dedicated online platforms and apps that their customers can access and make payments electronically.

Some of the significant factors governing the global cards and payments industry during this period include:

  • Demographic drivers
  • Infrastructure drivers
  • Regulatory measures (domestic and international) which impact both price realization and consumer experience
  • Change in consumer preferences in terms of payment methods

Key Topics Covered in the Report:

  • Detailed analysis of Estonia’s cards and payments industry
  • E-commerce market analysis
  • Detailed insights into various payment instruments
  • Comprehensive analysis of consumer attitudes and buying preferences
  • Detailed analysis of competitive landscape of the Estonian cards and payments industry.
  • Current and forecast values for each market in the industry, including credit and debit cards.
  • Analysis of the regulatory framework and its impact

To know more on coverage, click on the link below:


Related Reports:



Ken Research
Ankur Gupta, Head Marketing & Communications

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