The recently published Yearbook 2022, issued by Estonia's financial regulatory body, Finantsinspektsioon, has revealed that Wallester, the innovative payment institution, has secured a prominent position within the financial landscape.
A Trusted Partner in Estonia's Financial Landscape
In 2022, Wallester processed an impressive 10% of Estonia's 10.2 million payments, totalling a value of 674 million euros. This remarkable achievement has contributed to double-digit annual revenue growth, propelling Wallester to claim the third spot among Estonia's top payment institutions.
The Challenges Faced by the Financial Market in Estonia
In 2022, Estonia's financial market experienced a rise in inflation, increased interest rates, and a decline in securities markets. These factors contributed to a higher cost of living and a boost in the real estate market. Consequently, banks and service providers experienced a surge in credit and loan portfolios while deposits slowed down.
However, the higher interest rate encouraged an increase in term deposits. The financial services data changed as follows: life insurance premiums fell from 2% in 2021 to -9% in 2022; banks' loan portfolio increased from 9% in 2021 to 12% in 2022; term and savings deposits rose from -7% in 2021 to +48% in 2022.
Earning Trust Through Seamless Payment Solutions
Despite the challenges experienced by Estonia's financial market, Wallester remains committed to delivering seamless and dependable payment services. Our unwavering dedication to customer satisfaction has earned us the trust of our clients and established us as a key player in the industry in Estonia. We aspire to become the next leader in Europe.
Innovating for a Bright Future
Moving forward, Wallester is poised to continue driving innovation and enhancing our offerings to stay at the forefront of Estonia's financial market development. We remain dedicated to meeting the evolving needs of our clients and ensuring their financial transactions are secure, efficient, and hassle-free.
Experience the Wallester Difference
Join thousands of satisfied customers who have experienced the Wallester difference in payments. Explore our range of services and discover why we are among Estonia's top payment service providers.