Topics Topics

EUR 181 billion in non-cash payments were made in Latvia during 2020

In 2020 in Latvia, non-cash payments totalling 181.1 billion euro were executed by Latvian payment service providers, (credit institutions, electronic money institutions, payment institutions, and the Treasury), according to the Latvian central bank (Latvijas banka, LB).

In all 557.6 million non-cash payments were made, averages 1.5 million payments worth 494.8 million euro per day.

The total volume of non-cash payments made by customers increased by 5%, whereas the total value of the payments decreased by 10.8% in comparison with 2019.

The total value of card payments in currencies other than the euro decreased by 39.0% and customer credit transfers in currencies other than the euro decreased by 43.8% in comparison with 2019.

"In terms of the volume of payments, 2020 recorded a 5% increase compared with 2019. In the second half of 2020, as people adjusted to the conditions of the Covid-19 pandemic, the volume of payments grew by more than 10%, more than offsetting the decline observed in the first half of 2020," said Deniss Fiļipovs, Head of the Payment Systems Policy Division of Latvijas Banka.

Similar to previous years, the most popular customer non-cash payments were card payments and customer credit transfers, accounting for 65.4% and 33.3% of the total volume of non-cash payments respectively.

Latvian cardholders 2020

2.2 million payment cards were issued by the Latvian payment service providers at the end of 2020 (1.1 cards per capita on average), and most of them were cards with a debit function.

41.7 thousand points of sale (POSs) and 912 ATMs were available to the public. At the end of 2020, the number of customer payment accounts opened by the Latvian payment service providers totalled 3.2 million or 1.7 payment accounts per capita on average.

20 million instant payments amounting to 4.4 billion euro were processed in 2020.

 A detailed report on the operation of interbank payment systems, development of payment instruments and other areas vital for non-cash payments is available on Latvijas Banka's website: https://www.bank.lv/en/statistics/stat-data/payment-systems-statistics.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles
Banks
Economy

Please be aware that the LSM portal uses cookies. By continuing to use this site, you agree that we may store and use cookies on your device. Find out more

Accept and continue