2014-01-22 10:12:02 - Emerging Opportunities in Latviaâs Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
The Republic of Latvia is an open economy where exports contribute for almost one-third of the GDP. Latvia is a member of the United Nations (UN), European Union (EU) and International Monetary Fund (IMF). Latvia´s economy was adversely affected by the eurozone crisis in 2009. While cash remains the dominant method of payment in Latvia, there have been concerted efforts from card issuers, the government and regulatory bodies to support card use. The nation´s debit, prepaid and charge card categories have expanded rapidly.
A large part of this growth has been driven by infrastructure improvements such as contactless technology and increased adoption of smartphones. All these factors have made payment cards far more accessible, resulting in moderate growth for the card
payments channel. The channel registered a CAGR of 0.21% during the review period (2008â2012), and grew from 2.65 million cards in 2008 to 2.67 million in 2012.
Over the forecast period (2013â2017), the channel is forecast to grow from 2.79 million cards in 2013 to 3.6 million in 2017, at a CAGR of 6.73%. The key drivers for this growth include a stable inflationary forecast, positive employment opportunities and an increasing volume of corporate and leisure travellers. Latvia is also expected to register high growth in terms of online and traditional retail revenues.
Debit cards will remain the fastest-growing card category over the forecast period. In terms of number of cards in circulation, the category constituted 70.0% of the overall card payments channel in 2012. Its share is expected to increase to 54.0% by 2017. The debit card category is expected to grow at a CAGR of 0.78% over the forecast period.
According to Statistics Latvia, in 2011, there was a rise in online shopping as 14.1% of internet users in the country purchased products and services online. E-commerce has significant growth potential as around 70% of the total population in Latvia uses the internet for various purposes such as shopping, social media and use of online services.
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