A large share of Lithuanian residents would like to have a possibility to pay via a smart phone at points of sale in only a few seconds or instantly transfer funds to other natural person’s account in any bank, all year round, including weekends and holidays. These trends are revealed by the latest Survey of the Habits of Lithuanian Residents in Using Payment Services.
‘The payment habits of Lithuanian residents are changing and becoming more modern: they look for more convenient payment methods and a large share of them would like to use an advanced payment service – instant payments. At present this is the most popular innovation in most countries and the Bank of Lithuania, which has improved the CENTROlink payment system operated by it, is now among the first in Europe to open up the possibility for banks and other payment service providers to offer their clients instant payments’, said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
According to the data of the latest Survey of the Habits of Lithuanian Residents in Using Payment Services, the possibility to pay via a smart phone at points of sale, for example at a café, store, taxi and market would be attractive for 41 per cent of respondents. 42 per cent of respondents would like to have an opportunity to transfer funds at any time to another natural person via a smart phone in a few seconds.
According to M. Jurgilas, the wish to use an advanced service (instant payments) expressed in the survey of the residents, allows us to expect that as soon as the service that meets the residents’ expectations appears, it will be actively used. Currently the Lithuanian payment service providers are intensively preparing to offer an instant payments.
Growing popularity of internet banking also shows more modern payment habits of the residents – this year it was used by 60 per cent of the surveyed that have a bank account, an increase of 4 p. p. year on year.
Even though cash payments still dominate, this year more residents used a payment card – in 2017, 13 per cent of respondents surveyed the day before the Survey made payments only with a payment card (2016 – 10%), 25 per cent paid with a payment card and in cash (2016 – 20%). In addition, most respondents who hold a payment card viewed them as a safer means of payment than cash.
The survey revealed that after having been offered payment services baskets by the payment service providers, where a fixed number of transactions is provided for a standard fee, residents found the pricing of payment services clearer. This year, 40 per cent of respondents that have a bank account indicated that the pricing was clear or mostly clear for them (in 2016 there was 26 per cent of such respondents). In 2017, 51 per cent of respondents that have a bank account choose payment services baskets.
The Bank of Lithuania, seeking to monitor and assess trends prevailing in the domestic payments market, changes that are taking place, and the payment habits of residents, has initiated a survey of Lithuanian residents on payment issues.