Latvian payment processing service providers (credit institutions, electronic money institutions, payment institutions, deposit association, Bank of Latvia and State Chancellery) processed a total of 350 million non-cash transactions worth a total of EUR 118.8 billion, as reported by the Bank of Latvia.
Compared to the first six months of 2021, the total volume of non-cash transactions has increased by 27%. The total volume of processed money has increased by 19.5% when compared to last year.
An average of 1.9 million payments worth EUR 656.6 million are processed every day.
«The increase of both the number of payments and the volume of money processed comes from increased consumption, residents’ increased focus on accounting methods, as well as the growing inflation in the country,» as Bank of Latvia Payment Systems Policy manager Emīls Dārziņš.
According to information from the Bank of Latvia, most often non-cash payments involve payment cards (59.7%) and credit conversion (38.8%).
Latvian payment service providers issued a total of 2 million payment cards in the first half-year of 2022.
This is 1.1 cards per capita. Most of these cards are with debit function.
Residents had access to 44.3 thousand card terminals and nearly 900 ATMs in the first half-year of 2022. In the same period of time residents in Latvia performed 19.1 million flash payments worth EUR 6.5 billion.