Every tenth payment with a card is contactless, at the end of the year contactless payments will amount to one of five

2018-04-16

Population of Lithuanian is figuring out the advantages of contactless settlements - every 10th operation with the payment card of Šiaulių Bankas is carried out without entering the PIN code, and at the end of this year, every fifth settlement of the card could be contactless.

Šiaulių Bankas started distributing the payment cards with the contactless settlement function in April last year and in a year 10% of all payments with payments cards issued by Šiaulių Bankas were contactless.

"Within a relatively short period of time, many customers started appreciating this innovation - currently one out of ten transactions made with a payment card is contactless and, taking into account that a 25-euro limit applies to contactless settlement, the indicator is very good. The consistent growth of contaltess payments shows that this technology is acceptable -  after trying to settle  with the card without entering a PIN code, people keep doing this ", - said Deputy Chief Executive Officer, Head of Business Development Division of Šiaulių Bankas Daiva Šorienė.

The average contactless payment amount is around 10 euros, therefore it is usually used to settle for low value purchases and services.

According D. Šorienės, popularity of contactless settlements will continue to grow and at the end of this year one of the five card transactions in Lithuania will be made in a contactless way. The growing number of contalcess payment cards in the market will foster this tendency  - at the moment most  cards being issued are contactless. Also, a number of trading venues equipped with the card readers adjusted to contacless payments is increasing. "Finally, good practices  are communicable  - more and more people are really convinced that it is more conformable and much quicker to pay  with a card, especially after the fears relating to the alleged insecurity of contactless cards have not been confirmed", - states D. Šorienė.

According to the Šiaulių Bankas representative,  the year of 2020 will become a break even when all payment card devices will have to accept contactless payment cards. In addition, more and more places will allow contacltess settlements without reference to a settlement amount, i.e. when the amount exceeds 25 euros, it will be enough to enter a PIN for the confirmation of payment and there will be no need to place the contactless payment card to the terminal.

Experience of other countries indicates the potential of contactless settlement.  For example, in neighbouring Poland the percentage of contatless settlements amount to 78 % of all card  transactions. 

Contactless payment cards at Šiaulių Bankas currently account for 40% and all new cards issued by the bank are contactless. It is expected that by 2020 all cards issued by Šiaulių Bankas will be contactless. Šiaulių Bankas forecasts that this year contactless cards  will comprsie 50 per cent of all cards in Lithuania.

At the moment clients of Šiaulių Bankas can take part in the contactless payment card campaign 'Just touch and the money will come back. All campaign participants' card accounts will be credited with 1 euro and 100 lucky ones will receive a maximum contactles settlement amount of 25 euros to their accounts.  In order to participate in the campaign one should sign in at sb.lt and pay in a contactless way with Mastercard issued by Šiaulių Bankas. Clients may also sing in for participation in the campaign in any customer service point of Šiaulių Bankas - the bank's employees will be pleased to assist.  The campaign shall last until 23 May this year.