The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020

Date: May 18, 2016
Pages: 53
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US$ 2,750.00
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Publisher: GlobalData
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: CA0E1C90100EN
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The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020
SYNOPSIS

Timetric’s 'The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Latvian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including check payments, payment cards, cash transactions, direct debits and credit transfers during the review period (2011–2015).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016–2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together Timetric’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020' report provides top-level market analysis, information and insights into the Latvian cards and payments industry, including:
  • Current and forecast values for each market in the Latvian cards and payments industry, including debit card, credit and charge cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Latvian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape in the Latvian cards and payments industry.
SCOPE
  • This report provides a comprehensive analysis of the Latvian cards and payments industry.
  • It provides current values for the Latvian cards and payments industry for 2015, and forecast figures to 2020.
  • It details the different demographic, economic, infrastructural and business drivers affecting the Latvian cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details marketing strategies used by various banks and other institutions.
REASONS TO BUY
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Latvian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Latvian cards and payments industry.
  • Assess the competitive dynamics in the Latvian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Latvia.
  • Gain insights into key regulations governing the Latvian cards and payments industry.
KEY HIGHLIGHTS
  • The Latvian government and central bank has taken a number of initiatives in the form of programs and policies to bring a larger proportion of the population into the formal financial system. For instance, the Financial and Capital Market Commission (FCMC), Ministry of Education and Science, National Centre for Education, BA School of Business and Finance, Consumer Rights Protection Centre, Association of Commercial Banks of Latvia and Latvian Insurers Association collectively formulated the National Strategy for Financial Literacy 2014–2020, with the objective of creating awareness regarding the benefits of financial products and services among Latvians through campaigns and programs. The strategy is supported by the Ministry of Finance, the Ministry of Economics and the Bank of Latvia.
  • Improvements in payment infrastructure, including the adoption of contactless technology, supported the growth of payment cards. Digital security company Gemalto introduced contactless cards in 2013 for SEB; the first contactless card deployed in the Baltic region. The card is EMV-compliant, and can be used for cash-free travel on local buses in Latvia. The card can also be used by students to make contactless payments at school canteens and vending machines. In June 2015, Citadele Bank introduced contactless payment cards with electronic ticket (e-ticket) functionality, allowing consumers to pay for public transportation. The amount paid for the trip is deducted from the customer’s bank account, which is linked to the card. The card can also be used to make cash withdrawals at automatic teller machines (ATMs) and to pay for products at point of sale (POS) terminals.
  • To encourage small and medium-sized businesses (SMEs) to accept electronic payments, banks are offering business loans dependant on the volume of transactions carried out at POS terminals. Citadele Banka launched an SME lending program in December 2015, offering micro-loans to retailers. Through this program, retailers are offered a US$22,237.8 (EUR20,000) credit facility based on the volume of transactions conducted at their POS terminals. As of 2015, Citadele Banka had issued micro-loans to 49 companies.


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1 DEFINITIONS AND METHODOLOGY

1.1 Definitions
1.2 Methodology

2 KEY FACTS AND EVENTS

3 EXECUTIVE SUMMARY

4 PAYMENT INSTRUMENTS

4.1 Current Payment Environment

5 E-COMMERCE

5.1 E-Commerce Market Analysis

6 ALTERNATIVE PAYMENTS

6.1 Alternative Payment Instruments
  6.1.1 Paysafecard
  6.1.2 Monea
  6.1.3 Mobiamo

7 REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY

7.1 Regulatory Framework
  7.1.1 SEPA cards framework
7.2 Anti-Money Laundering (AML)
7.3 Foreign Direct Investment (FDI) Regulations

8 ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS

8.1 Demographic Drivers
8.2 Economic Drivers
8.3 Infrastructure Drivers
8.4 Business Drivers

9 MARKET SEGMENTATION

9.1 Market Segmentation and Targeting
  9.1.1 Consumer cards
  9.1.2 Commercial cards

10 PAYMENT CARDS

10.1 Payment Cards Market Analysis
  10.1.1 Volume and value of payment card transactions by type

11 DEBIT CARDS

11.1 Debit Card Market Analysis
  11.1.1 Debit card transaction volumes and values by channel
  11.1.2 Debit card scheme and issuer shares in terms of transaction value
  11.1.3 Debit cards comparison

12 PAY LATER CARDS

12.1 Pay Later Cards Market Analysis
  12.1.1 Turnover per pay later card and transaction values by channel
  12.1.2 Pay later cards scheme and issuer shares in terms of transaction value
  12.1.3 Pay later cards comparison

13 COMMERCIAL PAY LATER CARDS

13.1 Commercial Pay Later Card Market Analysis
  13.1.1 Commercial pay later cards comparison

14 APPENDIX

14.1 Tables
14.2 Contact Timetric
14.3 About Timetric
14.4 Timetric’s Services
14.5 Disclaimer

LIST OF TABLES

Table 1: Key Definitions
Table 2: Annual Average Exchange Rate
Table 3: Latvia – Key Facts, 2015
Table 4: Regional Benchmarking of Latvian Payment Cards, 2015
Table 5: Latvia – Mode of Entry of Foreign Banks, 1995–2007
Table 6: Cards for High-Income Consumers, 2016
Table 7: Cards for Shoppers, 2016
Table 8: Cards for Students and the Young Population, 2016
Table 9: Commercial Cards Comparison and Key Features, 2016
Table 10: Latvia – Visa Domestic Multi-Lateral Interchange Fees, 2015
Table 11: Latvia – MasterCard Consumer Card Interchange Fees, 2016
Table 12: Latvia – MasterCard Commercial Card Interchange Fees, 2016
Table 13: Latvia – Debit Cards Comparison and Key Features, 2016
Table 14: Latvia – Visa Domestic Multi-lateral Interchange Fees, 2015
Table 15: Latvia – MasterCard Consumer Card Interchange Fees, 2016
Table 16: Latvia – MasterCard Commercial Card Interchange Fees, 2016
Table 17: Latvia – Gold Credit Cards Comparison and Key Features, 2016
Table 18: Latvia – Premium Credit Cards Comparison and Key Features, 2016
Table 19: Latvia – Commercial Credit Cards Comparison and Key Features, 2016
Table 20: Latvia – Payment Instrument Transaction Values (EUR Billion), 2011–2015
Table 21: Latvia – Payment Instrument Transaction Values (US$ Billion), 2011–2015
Table 22: Latvia – Payment Instrument Transaction Volumes (Million), 2011–2015
Table 23: Latvia – Number of Payment Cards in Circulation by Type (Million), 2011–2020
Table 24: Latvia – Volume of Payment Card Transactions by Type (Million), 2011–2020
Table 25: Latvia – Value of Payment Card Transactions by Type (EUR Billion), 2011–2020
Table 26: Latvia – Value of Payment Card Transactions by Type (US$ Billion), 2011–2020
Table 27: Latvia – Number of Debit Cards in Circulation (Million), 2011–2020
Table 28: Latvia – Debit Card Transaction Volumes and Frequency by Channel, 2011–2020
Table 29: Latvia – Debit Card Total and Average Transaction Values by Channel, 2011–2020
Table 30: Latvia – Debit Card Total and Average Transaction Values by Channel, 2011–2020
Table 31: Latvia – Number of Debit Cards in Circulation By Scheme (Million), 2011–2015
Table 32: Latvia – Debit Card Transaction Values By Scheme (EUR Billion), 2011–2015
Table 33: Latvia – Debit Card Transaction Values By Scheme (US$ Billion), 2011–2015
Table 34: Latvia – Debit Card Transaction Values by Issuer (EUR Billion), 2011–2015
Table 35: Latvia – Debit Card Transaction Values by Issuer (US$ Billion), 2011–2015
Table 36: China – Number of Pay Later Cards in Circulation (Thousand), 2011–2020
Table 37: Latvia – Pay Later Card Transaction Volumes and Frequency by Channel, 2011–2020
Table 38: Latvia – Pay Later Card Total and Average Transaction Values by Channel, 2011–2020
Table 39: Latvia – Pay Later Card Total and Average Transaction Values by Channel, 2011–2020
Table 40: Latvia – Number of Pay Later Cards in Circulation By Scheme (Thousand), 2011–2015
Table 41: Latvia – Pay Later Card Transaction Values By Scheme (EUR Million), 2011–2015
Table 42: Latvia – Pay Later Card Transaction Values By Scheme (US$ Million), 2011–2015
Table 43: Latvia – Pay Later Card Transaction Values By Issuer (EUR Million), 2011–2015
Table 44: Latvia – Pay Later Card Transaction Values By Issuer (US$ Million), 2011–2015
Table 45: Latvia – Number of Credit Cards in Circulation (Million), 2011–2020
Table 46: Latvia – Credit Card Transaction Volumes and Frequency by Channel, 2011–2020
Table 47: Latvia – Credit Card Total and Average Transaction Values by Channel, 2011–2020
Table 48: Latvia – Credit Card Total and Average Transaction Values by Channel, 2011–2020
Table 49: Latvia – Number of Credit Cards in Circulation By Scheme (Thousand), 2011–2015
Table 50: Latvia – Credit Card Transaction Values By Scheme (EUR Million), 2011–2015
Table 51: Latvia – Credit Card Transaction Values By Scheme (US$ Million), 2011–2015
Table 52: Latvia – Number of Charge Cards in Circulation (Thousand), 2011–2020
Table 53: Latvia – Charge Card Transaction Volumes and Frequency by Channel, 2011–2020
Table 54: Latvia – Charge Card Total and Average Transaction Values by Channel, 2011–2020
Table 55: Latvia – Charge Card Total and Average Transaction Values by Channel, 2011–2020
Table 56: Latvia – Number of Charge Cards in Circulation By Scheme (Thousand), 2011–2015
Table 57: Latvia – Charge Card Transaction Values By Scheme (EUR Million), 2011–2015
Table 58: Latvia – Charge Card Transaction Values By Scheme (US$ Million), 2011–2015
Table 59: Latvia – Pay Later Personal and Commercial Card Transaction Volumes (Million), 2011–2020
Table 60: Latvia – Pay Later Personal and Commercial Card Transaction Values (EUR Billion), 2011–2020
Table 61: Latvia – Pay Later Personal and Commercial Card Transaction Values (US$ Billion), 2011–2020
Table 62: Latvia – Number of Commercial Pay Later Cards in Circulation (Thousand), 2011–2020
Table 63: Latvia – Commercial Pay Later Card Transaction Volumes (Million), 2011–2020
Table 64: Latvia – Commercial Pay Later Card Transaction Values (EUR Billion), 2011–2020
Table 65: Latvia – Commercial Pay Later Card Transaction Values (US$ Billion), 2011–2020

LIST OF FIGURES

Figure 1: Latvia – Payment Instrument Shares by Transaction Value (%), 2011 vs 2015
Figure 2: Latvia – Payment Instrument Shares by Transaction Volume (%), 2011 vs 2015
Figure 3: Latvia – E-Commerce Value (US$ Billion), 2011–2020
Figure 4: Latvia – Total Population and Structure, 2011–2020
Figure 5: Latvia – Economic Indicators, 2011–2020
Figure 6: Latvia – Number of ATMs and POS Terminals
Figure 7: Latvia – Real Household Consumption and Outbound Tourist Expenditure, 2011–2015
Figure 8: Latvia – Segmentation by Card Type, 2016
Figure 9: Latvia – Growth in Payment Card Transaction Values and Number of Cards in Circulation by Type, 2011–2020
Figure 10: Latvia – Volume and Value of Payment Card Transactions by Type (%), 2011–2020
Figure 11: Latvia – Debit Card Penetration and Cards in Circulation, 2011–2020
Figure 12: Latvia – Turnover per Debit Card and Values by Channel, 2011–2020
Figure 13: Latvia – Debit Card Scheme and Issuer Shares in Terms of Transaction Value (%), 2015
Figure 14: Latvia – Pay Later Card Penetration and Number of Cards in Circulation, 2011–2020
Figure 15: Latvia – Turnover Per Pay Later Card and Values by Channel, 2011–2020
Figure 16: Latvia – Pay Later Cards Scheme and Issuer Shares in Terms of Transaction Value (%), 2015
Figure 17: Latvia – Pay Later Commercial vs Personal Cards, Transaction Volumes and Values (%), 2011–2020
Figure 18: Latvia – Number of Commercial Pay Later Cards, Transaction Values and Volumes, 2011–2020

COMPANIES MENTIONED

Swedbank
SEB
Citadele Banka
DNB
Norvik Banka
Nordea Bank AB
Visa
MasterCard
American Express
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