Latvian Cards & Payments Sector Gather Speed, States Timetric in Its New Research Study Published at MarketPublishers.com26 May 2016 • by Natalie Aster
LONDON – Enhancements in payment infrastructure, comprising the uptake of contactless card technology, underpinned the growth of the Latvian payment cards sector. Gemalto, the leading digital security company, provided contactless cards in the year 2013 for SEB Latvia; the 1st contactless payment card ever deployed in Latvia and the Baltic States. The card is compliant with the EMV standard, and enables cash-free travel on local buses in the country. Furthermore, it can be used by students to conduct contactless payments at vending machines and school canteens. Citadele Bank launched contactless payment cards equipped with e-ticket functionality, allowing for the payment for public transport, in June 2015. The card can also be utilised to withdraw cash at ATMs and make purchases at POS terminals.
To encourage SMBs to accept e-payments, banks offer a number of business loans dependent on the transactions volume performed at POS terminals. Citadele Banka embarked upon an SME lending programme in December 2015, offering payday loans to retailers. Through this programme, retailers are offered a USD 22,237.8 credit facility basing on the volume of transactions carried out at their POS terminals. In 2015, 49 companies received micro-loans from Citadele Banka.
New study “The Cards and Payments Industry in Latvia” drawn up by Timetric presents a comprehensive examination of the trends in Latvia’s cards and payments industry.
The report presents current and projected values for each sector in the national cards and payments industry; offers granular insights into the major payment instruments; includes a review of the Latvian key alternative payment instruments. A comprehensive e-commerce market analysis is included. The report gives an insightful evaluation of the market driving factors and regulations having impact on the industry. The study sheds light on the strategies preferred by banks and other organisations to market different types of cards. It contains an all-round analysis of customer buying preferences and customer attitudes for cards. The research publication gives an insightful assessment of the competitive dynamics in the sector.
Historical figures are provided for 2011–2015 and forecasts are offered to 2020.
To see he full list of research reports by this publisher is available at Timetric page.