Latvia’s non-cash payments soar by 226% in value during early 2024
The first half of 2024 witnessed a significant surge in non-cash payments in Latvia, with a 6% increase in volume and a staggering 226% rise in value compared to the same period last year. This boost is equivalent to around 2.2 million payments worth 2.7 billion euros daily.
Card payments and customer credit transfers were the most prevalent, accounting for 65.5% and 31.5% of the total volume respectively. The increase in volume was primarily driven by a rise in card payments, while the surge in value was largely due to intrabank transfers. The use of e-money also saw substantial growth, making up 3% of the total transaction volume. Overnight deposits, a service recently resumed by banks, also contributed to the increase in value.
In the first half of 2024, a total of 395 million customer non-cash payments, totalling 491.8 billion euros, were processed in Latvia. This period also saw 2.2 million payment cards issued by Latvian payment service providers.
The growth in non-cash payments, particularly card payments and credit transfers, reflects the increasing preference for digital transactions in Latvia. The resumption of overnight deposits and the growth in e-money usage further indicate a shift towards more convenient and accessible payment methods.
