In 2024, 876.0 million customer non-cash payments totalling 1.1 trillion euro were executed by Latvian payment service providers (credit institutions, electronic money institutions, payment institutions, credit unions, Latvijas Banka, and the Treasury). This averages 2.4 million payments worth 3 billion euro a day.
In 2024, the total volume and value of non-cash payments made by customers increased by 7% and 95% respectively, compared to 2023. The volume increase was driven by a rise in the number of card payments, but the surge in value was primarily fuelled by a specific type of customer credit transfers – intrabank transfers. These transfers also encompass a service that banks resumed offering after a longer break, i.e. "overnight deposits" for legal persons. These deposits enable funds from current accounts to be transferred into a deposit account overnight, accruing interest. The following day, the money returns to the current account, ready to be used for daily transactions.
Meanwhile, the volume and value of credit transfers, excluding intrabank payments, reached 100.0 million transactions, totalling 146.9 billion euro, reflecting growth of 0.5% in the volume of transactions and 4.7% in their value.
As in previous years, the most popular non-cash payments were card payments and customer credit transfers, constituting 61% and 36% of the total volume of non-cash payments respectively.
To ensure card payments, 2.2 million payment cards or 1.2 payment cards per capita on average had been issued by Latvian payment service providers by the end of 2024.
Residents had access to 55.4 thousand point-of-sale (POS) terminals, 880 ATMs in Latvia, as well as 7.1 thousand POS terminals and 7 ATMs operated by Latvian payment service providers abroad. By the end of 2024, the number of customer payment accounts opened by Latvian payment service providers had totalled 3.1 million or 1.7 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 is available on Latvijas Banka's website.