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Latvia Cards and Payments - Opportunities and Risks to 2025

Latvia Cards and Payments - Opportunities and Risks to 2025

  • April 2021
  • 58 pages
  • ID: 5866029
  • Format: PDF
  • GlobalData

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Latvia Cards and Payments - Opportunities and Risks to 2025

Summary
’Latvia Cards and Payments - Opportunities and Risks to 2025’ 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 cash, cards, and credit transfers during the review-period (2017-21e).

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 (2021e-25f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the 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 and credit cards.
- Detailed insights into payment instruments including cash, cards, and credit transfers. 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.

Scope
- The outbreak of the COVID-19 virus has resulted in a significant shift in the preferences of consumers towards cashless payments. According to the results of a population survey summarized in the “Payment Radar” published by the Bank of Latvia in March 2021, the share of cash and non-cash payments per capita in Latvia is 27% and 73%, respectively, compared to the 32% and 68% in August 2020. Furthermore, in the second half of 2020, in line with the COVID-19 pandemic, there was an increase of more than 10% in non-cash payments, which more than offset the decline in overall payments in the first half of 2020. With the banks taking initiatives to accelerate the introduction of payment innovations, this trend is likely to continue over the coming years.
- The growing adoption of contactless cards has increasingly supported growth of card-based payments in the country. According to the data published by Finance Latvia, the number of contactless payment cards increased by 20.2% in Q4 2020, compared to that in Q4 2019. In addition, the number of contactless POS devices increased by 13.9% during the same period. In addition, amid the spread of COVID-19, in March 2020, the Finance Latvia Association raised the limit on contactless cards in the country from €25 ($30.57) to €50 ($61.14), in a bid to encourage consumers to use contactless payments rather than cash for purchases of essential items. As a result, consumers do not need to enter their PIN for payments worth up to €50.
- Alternative payment solutions are gradually gaining prominence in Latvia. In November 2020, Google Pay was launched in Latvia, allowing users to make in-store and online payments. Users can store their debit and credit card details within Google Pay and use the details to make payments at merchant outlets. Previously, in June 2019, Apple launched its mobile payment solution Apple Pay, allowing users to make in-store, online, and in-app payments by storing their debit, credit, and store card details within Apple Pay.

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.

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