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The central bank’s new comparison website for small businesses is intended to enable them to compare standard fees for commonly used payment services in one place.
"Until now, small businesses, in order to compare the services offered by payment service providers operating in Lithuania and their prices, had to spend a lot of time and effort searching for information,” said Tomas Karpavičius, head of the Market Infrastructure Policy Division of the Bank of Lithuania.
Karpavičius continued that the initiative “will help small businesses more effectively compare the prices of payment services relevant to them and choose the most suitable payment service providers. We hope that this will contribute to increasing competition among payment service providers.”
Major providers such as Revolut, SEB and Paysera are among more than 30 banks, credit unions and payment institutions publishing their rates on the platform.
Launched this month, the platform includes standard rates for payment service plans, account management, business cards, cash transactions and card and electronic payment acceptance.
The initiative builds on the Bank of Lithuania's existing comparison tool for residents, introduced in 2011, which is aimed at helping consumers find the most suitable payment service provider.
