[ad_1]
“The addition of extremely convenient instant payments to the basket of essential payment services reflects the positive trends in the payments market of our country, whose progress and competitiveness we are constantly fighting. And changes in payment service rates in recent years have also led to a lower maximum price for a basic basket of payment account. Consumers also win because, in addition to the main payment account service, market participants offer many different baskets of their payment services that meet the needs of different people, ”says Marius Jurgilas, member of the Board of Directors of the Bank of Lithuania .
As previously announced, the Bank of Lithuania January 1 supplemented with an instant payment service in light of the evolution of the payments market.
The price of the basket of essential payment services at the bank
According to the report, instant payments in Lithuania are already becoming the new market rate, at least 80 percent. Accounts in Lithuania are available for instant payment service. This means that most residents and businesses can make uninterrupted payments on weekends, nights, or holidays. Large banks that offer instant payments offer them as a standard service, and the price of such payments is no different from regular orders. With the introduction of the phone number payment service, banks have made transfers between people even easier.
In accordance with the Payments Law, the Bank of Lithuania has instructions to set the maximum monthly commission rate for the basic payment account service every year.
The main factor that determines the maximum commission is the prices of similar services in the market. It will be calculated on the basis of the average charges of the payment service packages provided by credit institutions, which are the most similar to the basic basket of payment accounts. Also, the maximum commission cannot exceed a certain proportion of household consumption expenditure.
The maximum rate now approved (1.45 EUR per month) will take effect from 2021. January 1 and powers all of 2021.
Banks often include even more services in the payment service baskets they offer than is required by the regulation of the basic payment account basket. For example, unlimited email is provided. amount of transfers, some banks offer more cash withdrawals from account channels. Several loyalty programs are also offered: seniors, young people and those who log into the account can receive a basket of payment services at a more favorable price than usual. About two-thirds of account holders use a variety of payment service baskets.
The Bank of Lithuania encourages consumers to be interested in the services offered by different payment service providers, to compare rates and other conditions. The required information can be found on the websites of the payment service providers, and the Bank of Lithuania has prepared a special price comparison section on its website.
It publishes the prices of individual service and payment service baskets, as well as a special calculator that allows users to compare the prices of different payment service providers.
It is strictly forbidden to use the information published by DELFI on other websites, in the media or elsewhere, or to distribute our material in any way without consent, and if consent has been obtained, it is necessary to cite DELFI as the source.
[ad_2]
