Payment methods in Latvia
Non-cash to cash ratio reached 77:23 in February 2024, reflecting a nearly cashless society
Market takeaways
- Non-cash to cash ratio reached 77:23 in February 2024, reflecting a nearly cashless society
- 67% of Latvians use contactless cards daily; 22% use smartphone payments daily (August 2024)
- Cards hold 46.35% of e-commerce market share; BNPL growing at 5.03% CAGR through 2031
- ~700,000 e-commerce users in Latvia in 2024, in a country of ~1.8M people
- Digital payments market projected to reach US$7.8 billion by 2028
Population
1.8M
Online population
~1.5M (~85%)
Banked population
~97%
Credit card population
~70%
E-commerce of total retail
~22%
Payment method breakdown
- Card46%
- Bank Transfer / Bank Link35%
- E-Wallet12%
- Cash5%
- Other2%
Card scheme breakdown
- Visa50%
- Mastercard46%
- American Express2%
- Local Schemes1%
- Other1%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Latvia
Popular options based on coverage and prominence in this market.
Visa / Mastercard (Debit & Credit)
The leading e-commerce payment method at 46.35% share. Visa and Mastercard ranked first as the most popular e-commerce payment methods per surveys. 67% of Latvians use contactless cards daily, reflecting deep card culture.
PayPal
Used primarily for cross-border purchases. Less dominant than in Western Europe due to the strength of local bank-link and card payments. Flow: User selects PayPal, a modal or redirect opens. User logs in, confirms funding source, reviews details, authorizes. Control returns to merchant with approved or declined status.
Apple Pay / Google Pay
NFC mobile wallets with growing daily use — 22% of the Latvian population used smartphone payments daily as of August 2024. Supported by all major banks and growing rapidly.
SEPA Instant Credit Transfer
Latvia is fully integrated in SEPA and supports SEPA Instant transfers. Real-time payments are available through most Latvian banks, enabling 24/7 account-to-account settlement.
Bank Link / Online Banking Transfer
Like other Baltic states, Latvia has a strong online banking culture. Bank-link payments — where customers authenticate via their bank portal to initiate a transfer — are widely used for e-commerce, particularly for higher-value purchases. Major banks: Swedbank, SEB, Luminor, Citadele.
BNPL (Inbank, Citadele / others)
Buy Now Pay Later is growing in Latvia at 5.03% CAGR to 2031. Inbank (Estonian-origin) and local banks offer installment credit solutions integrated into e-commerce checkouts.
All payment methods in Latvia
Discover 6 payment methods from around the world
Featured banks in Latvia
Major institutions operating in this market.
Danske Bank
Copenhagen, Denmark
Danske Bank is the largest bank in Denmark and one of the leading universal banks in the Nordic region, serving 3 million retail and 500,000 business customers.
Swedbank
Stockholm, Sweden
Swedbank is Sweden's largest bank by customer count and a leading universal bank in the Nordic and Baltic regions.
SEB (Skandinaviska Enskilda Banken)
Stockholm, Sweden
SEB is a Swedish corporate and investment bank with a strong retail franchise in Sweden and the Baltics.
Swedbank Latvia
Riga, Latvia
Swedbank Latvia is the largest bank in Latvia by assets and customer base.
SEB Latvia
Riga, Latvia
SEB Latvia is the Latvian subsidiary of the SEB Group, offering retail and corporate banking.
Luminor Bank Latvia
Riga, Latvia
Luminor Bank is a pan-Baltic bank formed from the merger of Nordea and DNB operations in Estonia, Latvia, and Lithuania.
All banks in Latvia
Showing 8 of 8 banks
