“Folk wisdom says – it’s not worth putting all your eggs in one basket. The same goes for payments – it’s not worth relying on just one payment method, we recommend using at least several. That way, even if the service provision is disrupted, you won’t experience inconvenience,” says Evaldas Ruzgys, member of the Board of the Bank of Lithuania.
Payment service providers process millions of payment transactions daily. However, sometimes there can be disruptions in payment services or instruments. Various reasons can cause this – electricity supply, communication, technical or other disturbances. Payment service providers must restore service provision as quickly as possible, but it still takes time. So what to do if your purchases are already at the checkout, but the payment card does not work? In such cases, it is important to have different, unrelated payment instruments that you can use.
For daily needs, it is worth carrying with you:
- a small amount of cash,
- a physical payment card (be sure to remember its PIN code).
To be prepared for unexpected situations, it is advisable to:
- have a cash reserve,
- use different electronic payment instruments (cards, mobile app, internet banking),
- for one person or family to use services from different financial institutions.
When it is not possible to pay with digital payment instruments, cash is a convenient and reliable payment alternative. It is recommended to have a cash reserve sufficient for the essential weekly family expenses. This amount depends on the number of family members and needs, for example, usual weekly expenses for essential goods and services such as food, medicine, or transport. It is useful to have different small denomination banknotes (5, 10, 20 euros). It is recommended to carry small amounts with you.
It is worth preparing a cash reserve in advance. In case of electricity supply, communication, or service provider disruptions, it may be difficult to quickly withdraw money.
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It is also recommended to use different electronic instruments: online banking, payment card, mobile app.
Even if you usually use a mobile wallet on your phone for card payments, it is useful to carry a physical payment card with you and occasionally pay with it at a physical point of sale. This way, you will be sure that the physical card works. You could pay with a physical payment card if the mobile wallet is not working.
If possible, use services from at least two different banks or other financial institutions.
