New tool to help consumers find the cheapest payment services
The Bank of Lithuania has introduced a new tool allowing consumers to compare payment service fees and prices of payment service packages charged by banks, payment and electronic money institutions. Displaying regularly updated information, the tool helps consumers to find payment service providers that most suit their payment habits and needs.
“Although payment services are provided by more than 90 institutions licensed in Lithuania, most people tend to choose between only a few – usually the market leaders. The tool provides for the possibility to compare all market participants and the fees that they charge. It also allows consumers to make more prudent choices and helps foster competition in the payments market,” said Mindaugas Vaičiulis, Director of the Banking Service of the Bank of Lithuania.
Each consumer can indicate whether they are a pensioner, student, pupil or plan to receive their salary to the account of a chosen payment service provider, and therefore should be eligible for certain benefits or discounts. Based on consumer selections, the tool sorts out the best offers, ranking them from the cheapest to the most expensive.
For example, if a pensioner only wants to use a debit card and plans to withdraw up to €500 each month, one banks may offer this service for free, while others may charge more than 70 cents a month. On the basis of such information, a consumer can choose the most appealing and cheapest offer.
Payment service fees provided on the Bank of Lithuania website are updated on a regular basis, from the day market participants start applying them. All information on payment service fees is available in JSON format and freely accessible for other developers of similar comparison tools.
The comparison tool allows to:
• Choose a payment service that best meets your needs
• Compare payment service packages offered by banks and credit unions
• Compare fees applied by banks, credit unions, payment and electronic money institutions
• View historical data