Our "Payments Landscape in Latvia: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Latvian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, direct debit, credit transfers, and cheques during the review-period (2014-18e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the Latvian cards and payments industry, including -

  • Current and forecast values for each market in the Latvian cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, direct debit, credit transfers, and cheques. 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, credit, and charge cards.


  • To boost electronic payments in the country, in August 2017 Latvijas Banka (the country’s central bank) launched its Single Euro Payments Area (SEPA)-compliant instant payment system. Using the EKS system, a maximum of ?30 ($36) can be transferred within seconds 24 hours a day, seven days a week, 365 days a year. Citadele was the first bank in Latvia to introduce the instant payment service. To increase the scope and acceptance of instant payments, the central bank linked the EKS system with pan-European instant payment infrastructure RT1 in November 2017. The interlinking enables customers of Latvian banks to transfer funds to RT1-connected banks across Europe. As part of RT1, the maximum fund transfer limit was increased to ?15,000 ($17,997.92).
  • Latvia’s well-developed banking sector has recently observed significant structural transformation. In October 2017, Nordea and DNB Bank merged their operations in Latvia, Estonia, and Lithuania to form an independent financial services provider in the Baltics called Luminor Bank. The new entity presently serves 1.3 million individuals, and accounts for 16% of deposits and 23% of lending, making it the third-largest financial services provider in the Baltics. The consolidation has resulted in a concentration in payment card business, as in terms of transaction value the newly formed bank ranks fourth in debit cards and third in pay-later cards.
  • Latvian banks are increasingly focusing on security and payment authentication to offer their customers a secure payment environment. In February 2017, Swedbank and SEB introduced the Smart ID electronic authentication solution. This app helps bank customers conveniently log into internet banking or mobile banking and make payments digitally. To use the service, consumers download the app and register. They are then required to set two PIN codes (PIN 1 to access internet banking and PIN 2 for payment authorization) to access electronic services. The app can be used for e-identification and digital signatures to authenticate payments made using electronic platforms. As of January 2018, 300,000 individuals had used the SEB Smart ID service.

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.