Latvia Cards and Payments: Opportunities and Risks to 2028

Latvia Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Latvia Cards and Payments: Opportunities and Risks to 2028' 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 card, credit transfer, direct debits, and cash during the review-period (2020–24e).

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 (2024e–28f). 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.

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 card, cash, direct debits, and credit transfer. 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.

• The growing adoption of contactless cards has supported growth in card-based payments. As per the Central Bank data, the number of EFTPOS terminals supporting contactless transactions increased from 45,628 in H2 2023 to 48,377 in H1 2024. The number of contactless cards is estimated to have reached 2.1 million in 2024, up from 1.8 million in 2020 at a CAGR of 3.5% over 2020–24. By 2028, this figure is expected to reach 2.3 million..
• The surge in fintech companies and digital-only banks has bolstered already growing demand for credit cards. A notable example is the October 2024 launch of digital-only bank INDEXO, in partnership with fintech company Manbu. INDEXO provides a range of services, including current accounts, savings accounts, and credit cards.
• An increase in financial awareness has driven a significant shift in consumer preference toward the use of cashless payment methods. According to the results of a survey published by the Bank of Latvia in August 2024, the shareof cash and non-cash paymentsper inhabitant per week in Latviawas 23% and 77%, respectively, compared to 27% and 73% in August 2023. As per the same survey, the average number of non-cash payments made by one inhabitant per week reached 11.7 in August 2024, up from 10.1 in August 2023.

• Card market size in terms of number of cards, value and volume of transactions in Latvia along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including card, cash, direct debits, and credit transfer.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

• 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.