Published: 26.02.2024

786.1 million customer non-cash payments totalling 409.3 billion euro were executed by Latvian payment service providers (credit institutions, electronic money institutions, payment institutions, credit unions, Latvijas Banka and the Treasury) in 2023. This averages 2.2 million payments worth 1.1 billion euro a day.

The total volume and value of non-cash payments made by customers in 2023 increased by 10% and 58% respectively in comparison with 2022.

The steep climb in the value of payments reflects a new trend in the banking sector – credit institutions have resumed offering interest payments on deposits for some time now. The data on the second half of 2023 in particular show a significant rise in volume for one type of credit transfer – intrabank payments. This is because people have been actively depositing their accumulated funds in time deposits and savings accounts.

As in previous years, the most popular non-cash payments were card payments and customer credit transfers, constituting 63% and 34% of the total number of non-cash payments respectively.

To ensure card payments, 2.1 million payment cards were issued by Latvian payment service providers as at the end of 2023 (1.1 cards per capita on average), and most of them were cards with a debit function.

42.5 thousand points of sale (POSs) and 887 ATMs were available to the public in Latvia, while 6.5 thousand POSs and 7 ATMs were provided by Latvian payment service providers abroad. At the end of 2023, 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.

A detailed report on the operation of interbank payment systems, development of payment instruments and other areas vital for non-cash payments.

Payment system infrastructure in Latvia

Latvijas Banka organises and maintains the payment system infrastructure in Latvia, including two fully automated payment systems helping to ensure interbank settlements in euro. TARGET-Latvija is an interbank euro payment system, a component of the Trans-European Automated Real-time Gross settlement Express Transfer system TARGET. The Electronic Clearing System of Latvijas Banka (EKS) is used for handling retail payments.

In August 2017, Latvia became the first euro area country to introduce instant payments – innovative, up-to-date, instant interbank transfers available 24/7, including weekends and holidays. In the course of this short period of time, instant payments have been made available to more than 90% of credit institutions' customers in Latvia, and they have become a standard in interbank payments rather than an exclusive service.

In addition, Latvijas Banka has developed and maintains the Proxy Registry "Instant Links", which enables interbank payments based on the payee's mobile phone number only, without the need to know and enter the respective current account number for each payment. Currently, this opportunity is offered by AS Citadele banka, Swedbank AS, AS SEB banka and the major Estonian commercial banks, and the number of participants of the Proxy Registry "Instant Links" is expected to grow further.

Latest News

18.04.2024

Latvia's Coin of the Year 2023 – Stardust

The annual survey results have revealed that Latvia's Coin of the...
10.04.2024

Latvijas Banka issues a collector coin "Across the Times"

On Tuesday, 16 April, Latvijas Banka is releasing a collector...
05.04.2024

Latvijas Banka imposes a fine on the former officials of Baltic International Bank SE

The Supervision Committee of Latvijas Banka decided to impose a fine...
03.04.2024

 Payment radar: the share of non-cash payments has reached a historical high

The most recent (spring 2024) "Payment radar" published by...
28.03.2024

Performance indicators of credit unions of Latvia in 2023

Performance indicators of credit unions of Latvia in 2023PDF
27.03.2024

Macroeconomic forecasts | March 2024

Latvijas Banka has published its latest macroeconomic forecasts...
19.03.2024

Latvian investment firms recorded a profit of 840 thousand euro in 2023

Latvian investment firms made a profit of 840 thousand euro in...
05.03.2024

Coin Programme for 2024

In 2024, Latvijas Banka intends to issue five collector coins, as well...
04.03.2024

Depositors of the insolvent AS PNB Banka are requested to receive the guaranteed compensation by 15 August 2024

In accordance with the provisions of Paragraph four of Section 3...
26.02.2024

786.1 million non-cash payments totalling 409.3 billion euro were executed in Latvia in 2023

786.1 million customer non-cash payments totalling...
02.02.2024

Representatives of the Single Resolution Board are visiting Latvia

The representatives of the Single Resolution Board visited Latvia on...
23.01.2024

Priorities and the plan of action in the area of resolution and the compensation scheme have been approved

Latvijas Banka has set the 2024–2026 priorities for resolution and...