Q3 2021 overview of payment institution sector

Payment institutions operating in Estonia made clients’ payments of 146 million euros in the third quarter of 2021. The volume of payments was up 2% on the second quarter, while the number of payments held about the same, losing 0.8%. Payment institutions earned total sales revenue of 1.7 million euros from providing payment services in the third quarter, up from 1.2 million euros in the third quarter of 2020. Revenues from payment services provided 62% of total sales revenues.


Key indicators

Q2 2021 Change Q3 2021
Value of payments 143 mln € 146 mln €
Number of payments 2,1 mln tk 2,1 mln tk
Profit 2,1 mln € 2,9 mln €
Return on equity (annualised) 26% 27%
Equity coverage ratio 1961% 1948%



The average size of a payment transaction was larger than in the third quarter at 69 euros than in the second quarter when it was 54 euros. The structure of payment transactions in the sector remained largely unchanged from the previous quarter. Cross-border payments provided 8% of all payments in the third quarter, having been 9% in the second quarter, card payments were the same as in the previous quarter at 9%, and money transfers were also 9%, having been 8% in the second quarter.

The average return on equity of the sector was 26.58% in the third quarter, having been 24.37% in the second quarter. The payment institution sector remains well capitalised with equity at 19 times the required minimum.