Nearly 2 million payments made per day in Latvia

350 million customer non-cash payments totalling 118.8 billion euro were executed by Latvian payment service providers (credit institutions, electronic money institutions, payment institutions, credit unions, Latvijas Banka and the Treasury) in the first half of 2022, the Latvian central bank (Latvijas Banka, LB) said August 26.

This averages 1.9 million payments worth 656.6 million euro a day. The total volume and value of non-cash payments made by customers increased by 27% and 19.5% respectively in comparison with the first half of 2021.

"In the first half of 2022, the total volume and value of non-cash payments made by customers continued on an upward trend, representing year-on-year increases of 27% and 19.5% respectively. This time, the volume and value of payments rose on account of the household consumption growth, the fact that some statistics respondents improved their accounting methodology due to changes in the regulation for payment statistics and the elevated inflation in the country," said Emīls Dārziņš, Head of the Payment Systems Policy Division of Latvijas Banka.

The most popular customer non-cash payments were card payments and credit transfers, constituting 59.7% and 38.8% of the total volume of non-cash payments respectively.

2 million payment cards were issued by Latvian payment service providers as at the end of the first half of 2022 (1.1 cards per capita on average), and most of them were cards with a debit function.

44.3 thousand points of sale (POSs) and almost 900 ATMs were available to the public. At the end of the first half of 2021, the number of customer payment accounts opened by Latvian payment service providers totalled 3.1 million or 1.6 payment accounts per capita on average.

19.1 million instant payments totalling 6.5 billion euro were executed in the first half of 2022.

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 at: https://www.bank.lv/en/statistics/stat-data/payment-systems-statistics

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