Latvia Cards and Payments - Opportunities and Risks to 2027

Abstract

GlobalData's 'Latvia Cards and Payments - Opportunities and Risks to 2027' 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, credit transfers and direct debits during the review-period (2019-23e).

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 (2023e-27). 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 cash, cards, credit transfers and direct debits. 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

• In April 2023, the state-owned postal service provider, Latvijas Pasts, launched a Visa branded debit card to customers of its Postal Payment System (PNS). The debit card will allow PNS customers to pay at POS terminals, purchase on the internet, and withdraw money from any ATM. This will help further expand debit card penetration, especially in rural areas. Latvijas Pasts also launched the mobile app, Latvijas Pasts Pay, to help customers manage accounts and debit cards.
• BNPL services are also gaining prominence as an alternative credit option, mostly driven by millennials. In July 2023, Inbank Latvia launched its BNPL service which enables users to divide payments in equal parts for purchases starting from EUR75 ($80.49), without additional interest and commission payments. The service supports both in-store and online purchases. Previously, in October 2022, fintech company Sun Finance introduced its BNPL services for both online and in-store purchases in Latvia. The solution is available for purchases between EUR20 ($21.46) and EUR 2,000 ($2,146.46) with repayment plans as long as 36 months.
• Innovative payment solutions are gradually gaining prominence in Latvia. In June 2023, Circle K, a convenience store and gas station chain, launched its Pay by Plate technology in Latvia, allowing customers to pay for fuel with the vehicle's license plate. To use the service, users need to download the Circle K mobile app, add their bank card details and their vehicle license plate under the "pay with number plate" service. When customers drive onto any Circle K gas station, the camera at the station reads the license plate through plate recognition and the selected pump is activated for refueling. The fuel payment gets deducted automatically from the Circle K mobile app.

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.