Domestic payments in Estonia fall between Q2 and Q3 2023

Card payment terminal.
Card payment terminal. Source: ERR

In the third quarter of 2023 (Q3 2023), Estonian citizens and residents made domestic and foreign payments totaling €82.3 billion, a rise of 3.7 percent on year, the Bank of Estonia (Eesti Pank) reports.

However, domestic payments revenues fell by 6.1 percent compared with Q2 2023, while their volume also fell, by 1.9 percent, between Q2 and Q3 2023.

On year, however, both the revenue and the volume of transactions rose, by 1.2 and 1.6 percent respectively, the Bank of Estonia says.

The turnover of cross-border customer payments, excluding card payments, grew by 8.3 percent on year to Q3 2023, while the volume grew by 201.4 percent over the same time period.

Revenues from cross-border payments stood at 28.1 percent of the total payments, awhile the volume came to 11.7 percent. 

According to the Bank of Estonia, the main factor behind the high growth derives from payment mediation services.

Card payments accounted for 3.2 percent of the total turnover of payments in Q3 2023.

Estonians bought goods and services using a bank card, both in Estonia and abroad, to a total amount of nearly €2.6 billion, a rise of 6 percent on year.

The incidence of ATM cash withdrawal was down by one percentage point between Q2 and Q3 2023.

 The turnover of payments made at Estonian points of sale with cards issued in Estonia fell by 8 percent between Q2 and Q3 2023, but rose by 4.3 percent on year.

Nearly 74 percent of card payments were contactless in Q3 2023.


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Editor: Barbara Oja, Andrew Whyte

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