OREANDA-NEWS.  August 16, 2012. According to the July issue of the Nilson Report, the largest bankcard magazine in Europe, Swedbank Estonia ranks as 50th in the rating of European banks on turnover of debit card payment transactions. In the same list, Swedbank Sweden ranks as 10th, reported the press-centre of Swedbank. 

According to Ulla Ilisson, the Head of Swedbank’s Retail Banking Division, 50th place is very good and a clear sign of the increasing popularity of card payments. “The first debit payment card entered the Estonian market on 1 January 1995. This means that in 17 years, the debit card has become the usual everyday method of payment instead of cash in Estonia,” Ilisson said. “Our result is very good, considering that there are around 7000 banks in Europe that issue debit cards.”

Ilisson says that a part of the popularity of cards may also be attributed to companies that, in the mid-nineties, gradually began to transfer their employees’ wages on their bank accounts instead of paying them in cash. “This is why many individuals opened a bank account and applied for a debit card in order to gain access to their money and conveniently pay by card in stores. Thus the debit card became the most popular electronic means of payment in Estonia and continues to hold this position,” Ilisson said.

As of the end of July 2012, the total number of debit cards issued in Estonia is 1.4 million.

The banks in the top 50 of debit card transaction turnover in Europe have issued more than 300 million debit cards in total, with a total turnover of more than one trillion USD. The average turnover per card for the 50 banks is 3,606 USD, while in Swedbank Estonia it was 2,662 USD. The top three banks on the list are the banking giants Lloyds Banking Group UK, Groupe Credit Agricole France and Barclays Bank UK.

Swedbank Sweden ranked as 10th in Europe with regard to debit card purchase transaction turnover in the previous year.

For 41 years, the Nilson Report has been the world’s leading source of news and research on consumer payment systems and means.