The Most Popular Payment Methods in the Baltic States

The Baltic States – Estonia, Latvia and Lithuania – have embraced digital payments at a pace that rivals some of the most advanced economies. With a combined population of over 5.8 million, these countries generated an estimated €3.40 billion in e-commerce revenue in 2023, showing a growing reliance on cashless transactions.

For businesses looking to expand or strengthen their market position, understanding consumer payment behaviour is crucial. Let’s explore how Estonia, Latvia and Lithuania are handling this shift – each with its own approach to balancing traditional and modern payment methods.

Most Popular Payment Methods in the Baltic States

Payment habits in the Baltics may seem similar, but each country has its own preferred ways to pay. Here’s a breakdown of the most used payment methods in the Baltics:

Card Payment

Visa and Mastercard are widely used in the Baltic States, making card payments a familiar and convenient option for consumers. However, the reliance on cards varies across the region, influenced by banking habits and consumer preferences.

Debit cards are significantly more common than credit cards in the region. Consumers generally prefer spending directly from their accounts rather than using credit, which aligns with the low credit card ownership rates:

• Only 17% of Latvians and Lithuanians have a credit card
• In Estonia, 29% of consumers own a credit card

This cautious approach to credit is driven by cultural habits, with many consumers prioritising financial security and avoiding debt. Strong banking infrastructures further support this preference, offering seamless payment alternatives that reduce reliance on credit cards.

Bank Transfers

Bank transfers are one of the most popular payment methods in the Baltics, offering a secure, direct way to pay without intermediaries. Consumers prefer them for their speed, reliability and ease of use – making them a go-to option for e-commerce. With strong banking networks in place, transactions are processed quickly, keeping checkout smooth and hassle-free.

The Single Euro Payments Area (SEPA) has made bank transfers even more seamless by standardising euro payments across Estonia, Latvia and Lithuania. Paying within Europe is now as easy as making a local transfer, removing the usual friction of cross-border transactions.

For businesses, SEPA integration means fewer banking headaches, lower costs and smoother payments from European customers. A seamless bank transfer experience not only builds trust but also helps reduce cart abandonment and improve conversions, making it a key part of any successful payment strategy.

Digital Wallets

As online shopping grows, digital wallets are becoming a key part of online payment methods in Baltic countries. While they aren’t the dominant choice, they offer speed and convenience, particularly for international transactions.

Adoption levels differ, with some markets seeing greater use than others. These wallets are especially popular for cross-border purchases, providing an extra layer of security and reducing the need to enter card details on unfamiliar websites.

Despite their benefits, local adoption remains steady rather than widespread. Existing payment systems already provide efficient solutions, positioning digital wallets as an alternative rather than a primary option. Their role continues to expand, but they remain just one of many ways consumers choose to pay.

Cryptocurrencies

In 2025, the Baltic cryptocurrency market is projected to generate €6.81 million in revenue, with 281,000 users and a 4.87% penetration rate. While still a niche option, its usage is gradually increasing as part of Baltic payment methods.

Latvia leads in adoption, with more online shoppers using crypto for transactions. Estonia and Lithuania see lower usage, as most businesses have yet to integrate it. Bitcoin and Ethereum are the most commonly accepted, primarily by e-commerce platforms and tech-driven merchants.

Lower fees and enhanced security attract digital-first consumers, but volatility and regulation keep adoption in check. While not yet widely used, crypto is slowly gaining traction in the region.

Open Banking in the Baltic States

Open banking is growing in the Baltics, offering faster, safer and more cost-effective payments. By enabling direct bank transfers, it removes the need for cards or third-party processors, reducing fees and improving security. Consumers get instant, seamless transactions, while businesses benefit from lower costs and better cash flow.

A key driver of this shift is PSD2 (Revised Payment Services Directive), which requires banks to grant third-party providers access to account data. This regulation fosters competition, encourages innovation and gives consumers more control over their financial transactions. It also enhances security by introducing strong customer authentication (SCA), making digital payments safer.

• Estonia: Instant transfers are widely accessible, with major banks ensuring seamless adoption.
• Latvia: Nearly all banks support SEPA Instant, with 90% of customers covered and 35% using it daily.
• Lithuania: Instant payments now account for majority of CENTROlink transactions, with 125.4 million processed in early 2024, supported by 99.6% availability.

With a few major banks leading the charge, instant payments quickly became standard in the Baltics. Unlike in larger markets, where hundreds of banks adopt at different paces, the Baltics moved as a unit, making the transition faster and more efficient.

Instant payments are now embedded in daily life, not just for peer-to-peer transfers but for utility bills, e-commerce and business transactions. With the EU requiring all banks to offer SEPA Instant by October 2025, the Baltics are already ahead, showing how seamless and efficient real-time payments can be. As adoption continues to grow, the focus will shift to expanding their use in more industries and enhancing the overall payment experience.

Read more: Open Banking in Baltics

Smarter Payments in the Baltic States with Noda

Payments should be fast, secure and hassle-free. Noda’s open banking solution simplifies transactions, optimises checkout and enhances user verification, allowing businesses to focus on growth rather than payment issues.

With over 2,000 banking partners across 28 countries, Noda provides a scalable, multi-currency solution for seamless transactions. Direct integrations with SEB, Swedbank, Luminor, Citadele, Revolut, and other major banks across Estonia, Latvia and Lithuania eliminate intermediaries, reducing costs and processing time.

Why Businesses Choose Noda

• Instant bank payments with real-time settlements for faster access to funds.
• Lower transaction fees by removing card networks and reducing friction.
• Stronger security and compliance, including PSD2 protection and fraud prevention.
• Seamless integration with e-commerce plugins and API support for easy setup.
• More ways to accept payments with instant bank transfers, card payments, No-code Payment Page and Instant Payment Links for a flexible checkout experience.

As open banking adoption grows, businesses need a payment gateway built for the Baltics. With deep banking integrations and real-time capabilities, Noda provides the speed, security and efficiency needed to scale in today’s digital economy.

Give Customers the Flexibility They Expect

Adding more payment methods can improve conversions – but it also means managing more fees, integrations and security risks. With Noda’s Open Banking solution, you get the best of everything in one streamlined solution.

Noda’s real-time bank transfers replace outdated processes with instant, low-cost and secure payments, giving customers the experience they expect – without the usual complexity.

Turn checkout into a competitive advantage. Try Noda’s Open Banking today.