Latvia Cards and Payments - Opportunities and Risks to 2026

Latvia Cards and Payments - Opportunities and Risks to 2026

Summary
‘Latvia Cards and Payments - Opportunities and Risks to 2026’ 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 (2018-22e).

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 (2022e-26f). It also offers information on the country’s competitive landscape, including 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 detailed regulatory policies and recent changes in regulatory structure.

The 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, and credit transfers . It also, includes an overview of the country’s key alternative payment instruments.
- Ecommerce 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Latvian cards and payments industry.

Scope
- The growing adoption of contactless cards has increasingly supported the growth of card-based payments in the country. According to data published by Finance Latvia, the number of contactless card transactions increased by 12.5% in Q2 2021 compared to Q2 2020. In addition, the number of contactless POS devices increased by 5.7% during the same period. To expand the use of contactless payment cards, in January 2022, Huawei launched NFC contactless payments in its mobile phones using the Curve Pay mobile app, enabling users to add their debit and credit cards in the payment app to initiate payments.
- The COVID-19 virus has resulted in a significant shift in the preferences of consumers towards the use of cashless payment methods. According to the results of a population survey summarized in the Bank of Latvia’s Payment Radar in March 2022, the share of cash and non-cash payments per capita in Latvia is 26% and 74%, respectively, as compared to the 30% and 70% recorded in August 2021. According to the same survey, in order to remove cash transactions, the central bank stopped minting EUR0.01 ($0.01) and EUR0.02 ($0.02) coins.
- The Financial and Capital Market Commission (FCMC), in collaboration with the Bank of Latvia, has organized the Financial Education Week since March 2013 to increase the population’s level of financial literacy by introducing learning portals and financial education lectures and seminars. In March 2022, the latest Financial Education Week took place from March 21-27, 2022. In addition, for the implementation of a financial literacy strategy for 2021 to 2027, the FCMC has launched the Money Literacy brand to promote projects, activities, and materials that impart financial literacy.

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.