The Bank of Lithuania has decided to wait a little longer than expected for payment service providers to come up with more secure electronic identification means than the current personal identification number (PIN) code cards.

The regulator wants to choose a uniform customer identification method. Its "minimum security requirements" must come into force by 1 November of this year and therefore it will await proposals for this uniform method until this date. If none is forthcoming, according to one member of the regulatory board, "market participants cannot expect a long delay of the deadline for the implementation of the requirements.”     

Already this year, according to the bank's website, each payment service provider will have to prepare for the implementation of individual solutions that would ensure secure customer identification.

The regulator's goal is more convenience for customers, an increase in competition and "greater sustainability in the development of e-services." It would be particularly useful and convenient if a user with one secure means could have access to all financial and government institutions.