02.10.2023
LHV Pank will continue providing a payment solution for ticket machines aboard Elron trains, allowing passengers on the train to pay for their tickets by bank card. Following a public procurement, LHV will be providing the payment solution for the next two years.
‘While for many years, we were used to having to pay the conductor for a ticket on the train, since the end of 2021, Elron trains have been equipped with ticket machines that allow every passenger to buy a ticket themselves using a contactless card when boarding the train, and do so at a 10% discount compared to a regular ticket,’ said Pille Kauber, Business Development Manager at Elron. ‘The transit payment solution used in public transport was first offered by LHV, and the new payment option was well received by passengers.’
According to Kauber, transit payments on trains have been well received by passengers. ‘We can also see this in the growth of transaction volumes, which have increased by more than 60% in the first 8 months of 2023, compared to the same period of last year,’ she added.
Indrek Kaljumäe, Product Manager for Card Payments at LHV, said that regardless of the business sector, payment solutions are becoming increasingly more convenient and smart everywhere. ‘We have seen the shift from cash to card payments, then to contactless payments, and finally to smart payments using phones and watches,’ Kaljumäe noted. ‘People appreciate the ability to pay for a product or service quickly and conveniently. For public transport, this means a self-service contactless payment, which can be done instantly by anyone boarding the train, without having to look for a conductor or wait in a queue,’ he added.
According to Kaljumäe, payment acquiring, and the provision of the most modern payment solutions constitute a focus area of LHV Pank in which the bank has invested a lot in recent years. ‘As a result, we are currently the leading provider of payment solutions in Estonia, where the attitude of those involved and the wide range of products are highly appreciated in both traditional stores and e-commerce,’ Kaljumäe added.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 990 people. As at the end of August, LHV’s banking services are used by 403,000 clients, the pension funds managed by LHV have 127,000 active clients, and LHV Kindlustus protects a total of 160,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
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