Estonia Banks
When Estonians shop online, they prefer to pay by bank transfer. The payment type is used in 52% of all the country’s online transactions (PPRO Almanac). Consumers can choose to pay by logging into their online banking and authorising the payment. Supported banks include: Coop Pank, Citadele, LHV Pank, Luminor, Revolut, SEB and Swedbank.
Why Estonia Banks
Ninety-nine percent of the Estonian population is banked: a significant contributing factor to the 52% market share held by the bank transfers payment method (PPRO Almanac).
Estonian consumers spend an average of US$2,082 a year online and 53% of consumers are cross-border shoppers (PPRO Almanac).
Between 2023 and 2025, the Estonian e-commerce market is forecast to grow in value by 36% to a total value of US$3.8 billion (PPRO Almanac).
Specifications
Coverage
Currencies
Features
How it works
Merchant
At checkout, the consumer selects to pay via bank transfer
Payment method
The consumer redirects to a bank selector page to select their bank from a list
Online bank
The consumer redirects to their online bank and logs in
Online bank
The consumer authorises the payment, and the merchant is noted of the successful transaction