Latvia Cards and Payments – Opportunities and Risks to 2027
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Latvia Cards and Payments Market Report Overview
The annual value of card transactions in the Latvia cards and payments market is estimated to be $10.1 billion in 2023. The market will grow at a CAGR of more than 8% during 2023-2027. Electronic payments are gaining prominence in the Latvian payments market. Although cash is still the most preferred payment method, it is steadily losing ground to payment cards. A strong banking population, financial inclusion efforts by the government such as the introduction of financial literacy programs, promotional strategies undertaken by banks, and expansion of the payment acceptance infrastructure have contributed to growth in the payment card market.
Latvia Card Transactions Outlook, 2023-2027 ($ Billion)
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The Latvia cards and payments market research report provides a detailed analysis of market trends in the Latvian cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, mobile wallets, credit transfers, cards, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry. It provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers regulatory policy details and recent regulatory structure changes. It includes information on the payment instruments that are in use in the Latvian market, the key segments within the market, as well as the companies associated with the Latvia cards and payments market.
Annual Value of Card Transactions (2023) | $10.1 billion |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2019-2022 |
Key Payment Instruments | · Cash
· Credit transfers · Cards |
Key Segments | · Card-Based Payments
· E-Commerce Payments · Alternative Payments |
Leading Players | · Citadele
· Swedbank · SEB · Luminor Bank · Signet Bank · BlueOrange Bank |
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Latvia Cards and Payments Market Dynamics
Latvia remains a cash-dominated market. The growing adoption of contactless cards has increasingly supported the growth of card-based payments. This can be attributed to a strong banking population, financial inclusion efforts by the government, and promotional strategies undertaken by banks.
Credit cards are finding increasing acceptance among Latvians as they become more aware of their benefits. ESG and sustainability issues are also gaining ground and new products such as cards made from recycled plastic are being launched.
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Latvia Cards and Payments Market Segmentation by Payment Instruments
Cash has the highest share of payment transaction volume in 2023.
The key payment instruments in the Latvia cards and payments market are cash, cards, and credit transfers. Cash leads the market in 2023 in terms of volume. However, cash usage will continue to decline over the forecast period amid the growing preference for electronic payments especially by the younger generation and the improving payments infrastructure. Payment cards are gaining popularity at the expense of cash. Government measures such as low-cost bank accounts, the introduction of financial literacy programs, and the expansion of the payment acceptance infrastructure have contributed to growth in the payment card market.
Latvia Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)
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Latvia Cards and Payments Market Segments
Visa and Mastercard are the main players in the Latvian credit card market.
The key segments in the Latvia cards and payments market are card-based payments, e-commerce payments, and alternative payments.
Card-Based Payments: Payment cards are gradually gaining traction in Latvia, with each individual holding more than one card on average. Huawei launched NFC contactless payments on its cell phones in January 2022 using the Curve Pay mobile app, enabling users to add debit and credit cards in the app to initiate payments. As a welcome, Cure and Huawei offered new users 1% cashback on purchases for one month. The increasing preference for contactless cards and electronic payments, the launch of international brands in the alternative payments space, and the endorsement of modern payment services will drive growth in the Latvian cards and payments market.
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Latvia Cards and Payments Market - Competitive Landscape
Some of the leading players in the Latvia cards and payments market are:
- Citadele
- Swedbank
- SEB
- Luminor Bank
- Signet Bank
- BlueOrange Bank
Citadele: Citadele Bank offers a Visa-branded contactless payment ring in Latvia. The payment ring can only be used by the bank’s X card holders. The payment ring is linked to the user’s X payment card account. To make payments, users need to hold the ring over the contactless POS terminal. Users can review information regarding purchase history from the bank’s mobile app. They can also set up a PIN for payments above EUR50 ($53.66) made using the ring.
Leading Latvia Cards and Payments Players, 2023
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Latvia Cards and Payments Market – Latest Developments
- In April 2023, the state-owned postal service provider, Latvijas Pasts, launched a Visa branded debit card to customers of its Postal Payment System (PNS). The debit card will allow PNS customers to pay at POS terminals, purchase on the internet, and withdraw money from any ATM. This will help further expand debit card penetration, especially in rural areas. Latvijas Pasts also launched the mobile app, Latvijas Pasts Pay, to help customers manage accounts and debit cards.
- In March 2023, the NOBID consortium commenced the NOBID Digital Wallet project, which will work towards the pilot and testing of payment features in the EU digital identity wallet. To enhance the use case of the EU digital identity wallet program, a NOBID consortium was formed in September 2022, which comprises six countries – Latvia, Denmark, Germany, Iceland, Italy, and Norway. The EU digital identity wallet is an app being developed to verify user IDs and store sensitive digital documents.
Segments Covered in the Report
Latvia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)
- Cash
- Cards
- Credit Transfers
Latvia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)
- Card-Based Payments
- E-commerce Payments
- Alternative Payments
Scope
This report provides:
- Current and forecast values for each market in the Latvian cards and payments industry including debit and credit cards.
- Detailed insights into payment instruments including cards, credit transfers, cheques, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Latvian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Latvian cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Latvian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Latvian cards and payments industry.
- Assess the competitive dynamics in the Latvian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Latvia.
- Gain insights into key regulations governing the Latvian cards and payments industry.
SEB
Citadele Bank
Luminor Bank
Mastercard
Visa
Table of Contents
Frequently asked questions
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What is the annual value of card transactions in the Latvia cards and payments market in 2023?
The annual value of card transactions in the Latvia cards and payments market is estimated to be $10.1 billion in 2023.
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What is the growth rate of the annual card transactions in the Latvia cards and payments market?
The annual value of card transactions in the Latvia cards and payments market is expected to grow at a CAGR of more than 8% during 2023-2027.
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Which is the leading payment instrument in the Latvia cards and payments market in 2023?
Credit transfer is the leading payment instrument in value terms in the Latvia cards and payments market in 2023.
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Which are the leading players in the Latvia cards and payments market?
Some of the leading players in the Latvia cards and payments market are PayPal, WE Pay, NBE PhoneCash, Orange Cash, Etisalat Cash, and Vodafone Cash, among others.
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