Summary
- CENTROlink is the Bank of Lithuania's SEPA gateway (228.3M payments in 2023)
- 55% instant payments - leads euro area in instant payment share
- Phone number proxy available via Swedbank, SEB (more joining)
- Revolut became largest bank by assets (32.83% market share)
- No unified national QR standard - phone-based payments emphasized
Banking landscape
Central Bank
- Name: Lietuvos bankas (Bank of Lithuania)
- Website: https://www.lb.lt/
- Role: CENTROlink operator, Eurosystem member, fintech licensing hub
Major Banks (2024)
| Rank |
Bank Name |
Total Assets (EUR) |
Market Share |
Owner |
| 1 |
Revolut Bank UAB |
20,288 M |
32.83% |
Revolut (UK-founded) |
| 2 |
Swedbank AB |
19,577 M |
31.68% |
Swedbank (Sweden) |
| 3 |
SEB bankas |
15,189 M |
24.58% |
SEB Group (Sweden) |
| 4 |
Luminor |
~6,500 M |
~10.5% |
Blackstone (US) |
| 5 |
Artea (ex-Šiaulių) |
~4,000 M |
~6.6% |
Domestic |
Market Structure
- Revolut Disruption: Rose from minor to #1 in 5 years
- Swedish Dominance (declining): Swedbank + SEB combined 52.5% → now facing Revolut
- Fintech Hub: Lithuania is EU's largest fintech licensing center
- Branch Decline: Only 151 branches nationwide (2024)
Banking Transformation
- 2019: Swedbank, SEB, Luminor dominated
- 2024: Revolut #1, traditional banks losing share
- Artea (rebranded Šiaulių Bankas) most branches (54)
Payment infrastructure
National Payment Systems
| System |
Operator |
Type |
Status |
| CENTROlink |
Bank of Lithuania |
SEPA gateway |
Active |
| TIPS |
Eurosystem |
Instant EUR |
Active |
| RT1 |
EBA Clearing |
Instant EUR |
Active |
CENTROlink
- Operator: Lietuvos bankas (Bank of Lithuania)
- Type: SEPA gateway for all PSP types
- Connected to: RT1 and TIPS
- 2023 Volume: 228.3 million payments
- 2023 Value: EUR 456 billion
- Growth: 10x increase since 2018
Instant Payment Leadership
- 55% of CENTROlink payments are instant
- 64% of interbank credit transfers are instant (highest in euro area)
- Lithuania leads Eurozone in instant payment adoption
August 2024 Regulation
- Instant Payments Regulation effective August 4, 2024
- EMIs and PIs can now participate directly in payment systems
- Expanded access under Settlement Finality Directive amendments
QR code standards
No Unified National QR Standard
Lithuania does not have a country-specific QR payment standard. The focus is on:
| Feature |
Type |
Status |
| Phone Proxy |
Phone number payments |
Active (Swedbank, SEB) |
| EPC QR |
European standard |
Available |
| Bank-specific solutions |
Various |
Active |
Phone Number Proxy (Primary Innovation)
| Attribute |
Value |
| Operator |
Bank of Lithuania |
| Service Name |
Proxy Lookup Service |
| Type |
Phone number linked to IBAN |
| Current Banks |
Swedbank, SEB |
| Status |
Expanding |
How Phone Proxy Works
- User consents in mobile app to link phone to IBAN
- Phone registered in Bank of Lithuania database
- Sender enters recipient's phone number
- System looks up linked IBAN
- Instant payment executed
Open Banking QR Capabilities
- 24 bank APIs registered (Q2 2024)
- 150 registered TPPs
- Payment links and QR generation available via APIs
Mobile payment apps
| App Name |
Bank |
SEPA Instant |
Phone Proxy |
QR |
| Swedbank |
Swedbank |
Yes |
Yes |
Limited |
| SEB Lithuania |
SEB |
Yes |
Yes |
Limited |
| Luminor |
Luminor |
Yes |
Coming |
Limited |
| Revolut |
Revolut |
Yes |
Via app |
Yes |
| Artea |
Artea |
Yes |
Coming |
Limited |
Revolut in Lithuania
- Licensed by Bank of Lithuania
- Full banking license holder
- 32.83% market share
- QR payment features via app
Traditional Bank Apps
- Swedbank and SEB dominate traditional banking
- Phone proxy feature differentiator
- Instant payments standard feature
Schemes
| Scheme |
Type |
Symbology |
Adoption |
Technical standard |
| Phone Proxy |
Phone P2P |
Phone # |
Swedbank, SEB |
— |
| EPC QR |
European QR |
QR Code |
Limited |
epc-qr |
Sources
Full country report
LT-lithuania.md