• Home
  • Newsroom
  • banklinq recognized as one of the fastest growing LPMs in the Baltics
banklinq recognized as one of the fastest growing LPMs in the Baltics
PR Statement

Released on the last day of June, the “Key Players in the EU Payments Landscape” report by The Payments Association, The Paypers and Deloitte. The report offers an extensive strategic review of EU’s individual payments markets and prime companies leading the payment industries in their respective regions. Nikulipe team is proud that that our banklinq solution was recognized in the report as one of the fastest-growing LPMs and our CEO Frank Breuss was asked to contribute valuable regional insights along with other important industry experts.

The report includes a complete overview of the payments ecosystem. Later on, the scope is narrowed to a particular region to understand better the players and specific payment characteristics — banks, Fintechs, and e-money institutions are the ones in question. The content reflects analysis carried out at three levels: global, regional, and local context, with a comprehensive observation of operators and country-specific results.

Baltics is an exemplary region for Local Payment Methods and Open Banking technology; thus, all three member states — Lithuania, Latvia, and Estonia were featured in the report, respectively. Nikulipe and their payment solution banklinq was featured among the key LPM solutions within the region:

“More than 65% of Baltic people prefer local payment methods to card payments when shopping online. Payment by bank transfer is the most preferred option. Individual bank link solutions offered by the banks are still dominant. International players like Trustly or Sofort/Klarna are present but often don’t offer a wide coverage of Baltic banks. This is why domestic solutions – covering multiple banks in one local payment methods – like banklinq – are growing fast.”

banklinq is the newest Local Payment Method dedicated to the Baltic region that connects the complete number of banks in Lithuania, Latvia, and Estonia—including major traditional and challenger banks—helping Baltic shoppers to make international payments in a convenient and hassle-free way. Built upon Open Banking and adhering to EU regulations, the local payment option ensures an efficient market entry for global merchants, fintechs or Payment Solution Providers without being caught up in technicalities, as the local regulatory landscape, processing, collection, reconciliation, settlement, remittance and other processes.

The report also featured payment trends such as PSD2 and its potential for driving payment innovation. While at the same time outlining the hesitancy of banks to adopt the account-to-account payment infrastructure in Europe as a whole. The further discussion revolved around Covid-19 and war in Ukraine disruptions that have prevented regulatory harmonisation and how such events continue to influence the move toward a cashless society.  In addition, many players have taken advantage of the emerging alternative payment methods and have increased e-commerce volumes.

You can download the full report by following this link