Payments Council

Seeking to strengthen dialogue among payment service providers, payment service users, regulators and the academia in order to develop Lithuania’s payments market, the Ministry of Finance and the Bank of Lithuania established an organised and independent forum – the Payments Council. The idea for creating the Payments Council was first put forward at the end of 2016 during the public consultation on the National Payments Strategy. The suggestion was supported by an absolute majority of the respondents to the consultation.

The Payments Council was created drawing on the best practices of other countries – based on the principle of balanced representation, it consists of

  • 3 representatives of payment service providers,
  • 3 representatives of enterprises and residents,
  • 3 representatives from state institutions formulating and implementing payments policies and
  • 1 representative from the academia.

The Payments Council may freely determine its key priorities, prepare its action plans and take a position. The decisions of the Payments Council are publicly available.

The Payments Council in Lithuania has enabled payments market participants to share their views and cooperate in finding solutions to create an efficient payments market that would justify the expectations of the public and businesses as well as allow payment service providers to successfully operate and compete. In a coordinated manner, the members of the Payments Council assess directions for the development of Lithuania’s payments market, problematic aspects, monitor how payments policy measures are being implemented and how innovations emerging in the market are applied. The Payments Council may submit proposals to market participants and state institutions with regard to possible solutions for the problematic aspects of the payments market, implementation of policy measures and development of directions, as well formulate the common position of Lithuania’s payments market participants for EU-wide initiatives and present it to relevant EU institutions.

Last updated: 21-11-2017