The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020

Published: May 2016
No. of Pages: 53


Timetric's 'The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020' 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 check payments, payment cards, cash transactions, direct debits and credit transfers during the review period (2011-2015).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together Timetric's 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.


Timetric's 'The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020' 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 card, credit and charge cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. 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.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape in the Latvian cards and payments industry.


  • This report provides a comprehensive analysis of the Latvian cards and payments industry.
  • It provides current values for the Latvian cards and payments industry for 2015, and forecast figures to 2020.
  • It details the different demographic, economic, infrastructural and business drivers affecting the Latvian cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details marketing strategies used by various banks and other institutions.

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.

Key Highlights

  • The Latvian government and central bank has taken a number of initiatives in the form of programs and policies to bring a larger proportion of the population into the formal financial system. For instance, the Financial and Capital Market Commission (FCMC), Ministry of Education and Science, National Centre for Education, BA School of Business and Finance, Consumer Rights Protection Centre, Association of Commercial Banks of Latvia and Latvian Insurers Association collectively formulated the National Strategy for Financial Literacy 2014-2020, with the objective of creating awareness regarding the benefits of financial products and services among Latvians through campaigns and programs. The strategy is supported by the Ministry of Finance, the Ministry of Economics and the Bank of Latvia.
  • Improvements in payment infrastructure, including the adoption of contactless technology, supported the growth of payment cards. Digital security company Gemalto introduced contactless cards in 2013 for SEB; the first contactless card deployed in the Baltic region. The card is EMV-compliant, and can be used for cash-free travel on local buses in Latvia. The card can also be used by students to make contactless payments at school canteens and vending machines. In June 2015, Citadele Bank introduced contactless payment cards with electronic ticket (e-ticket) functionality, allowing consumers to pay for public transportation. The amount paid for the trip is deducted from the customer's bank account, which is linked to the card. The card can also be used to make cash withdrawals at automatic teller machines (ATMs) and to pay for products at point of sale (POS) terminals.
  • To encourage small and medium-sized businesses (SMEs) to accept electronic payments, banks are offering business loans dependant on the volume of transactions carried out at POS terminals. Citadele Banka launched an SME lending program in December 2015, offering micro-loans to retailers. Through this program, retailers are offered a US$22,237.8 (EUR20,000) credit facility based on the volume of transactions conducted at their POS terminals. As of 2015, Citadele Banka had issued micro-loans to 49 companies.

Published By: GlobalData
Product Code: Timetric2428

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