The share of non-cash payments in Latvia has reached a historically high level / Article

The share of non-cash payments in Latvia has reached a historically high level / Article
The share of non-cash payments in Latvia has reached a historically high level / Article
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Compared to August 2023, in February 2024, the use of cashless money has increased. Half a year ago, the ratio of non-cash and cash payments was 73% versus 27% (a year ago, in February 2023, – 67% versus 33%).

For reference:

  • “Payment radar” collects the latest information about the money usage habits of Latvian residents, businessmen and society in general, using the results of the population survey conducted by “Latvijas Faktu”.
  • “Payment radar” is published every six months, it is available on the website of the Bank of Latvia.

In February 2024, the average number of payments made by one resident per week was 17.1 (in August 2023 – 13.8, and in February 2023 – 14.3), including 13.1 payments in cash and 4 payments – in cash.

Data from the “Payment Radar” show that modern technologies are gaining an increasing role in the field of payments.

In February 2024, the use of instant payments grew significantly – 41% of respondents use them on a daily basis, which is 10% more than half a year ago and 8% more than in February 2023.

The use of smartphones in payments has also increased – up to 22.5% (19% in August 2023 and 16% in February 2023). At the same time, the use of contactless cards remained unchanged at the level of 68% during half a year (increase by 5% compared to February 2023).

Director of SIA “Latvijas Fakti” Aigars Freimanis explained that respondents with higher education and higher incomes use cashless payment options more and more actively. Despite a relatively lower income level, new payment technologies are actively used by survey participants aged 15-24.

“Perhaps not too fast, but payments with contactless cards and mobile smartphones are growing steadily. It is interesting that both young people and consumers of retirement age are happy to make payments with contactless cards. Payments with smartphones are made more by young people, while the respondents of the survey are of retirement age are much more reserved. Perhaps the reticence of people of retirement age is related to the smartphones they own. They are often older models, they are not changed so often, and their technological capabilities are limited,” Freimanis commented on the situation.

He also pointed out that Latvian residents are very satisfied with the possibilities of withdrawing cash from ATMs, and their opinion has hardly changed over the past four years.

On the other hand, the fact that the majority of Latvian residents have heard something about cryptocurrencies can be interpreted in very different ways: in February, 94% of all respondents answered this question. Despite the high level of recognition, only 7% of respondents have ever purchased any of the cryptocurrencies.

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The article is in Latvian

Latvia

Tags: share noncash payments Latvia reached historically high level Article

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