Latvia’s payment landscape is highly digitalized, with a strong preference for debit cards and contactless payments. Cash usage is declining rapidly, particularly among younger generations. Latvia displays a payment system that is progressively moving towards digitalization, though cash still holds a significant position. Credit and debit cards (Visa and Mastercard) are widely accepted, especially in urban areas and larger businesses. Contactless payments are increasing in popularity but have not yet achieved full mainstream adoption. Online banking is commonplace, and bank transfers serve as a standard transaction method. Cash remains frequently used, especially in smaller establishments and among older demographics. Mobile payment solutions are slowly gaining ground but still face challenges in expanding their reach across all population segments.
Estimated Population
1.9 million
Currency
Euro (€)
All supported payment methods for Latvia:
SEPA Direct Debit, SEPA Credit, Apple Pay, Google Pay, PayPal, Trustly, Invoice Payment, Prepayment, Visa, Mastercard, American Express, JCB, UnionPay International, Discover, Diners Club, MaestroPopular payment methods
SEPA Direct Debit
Direct Debit
SEPA Direct Debit is a secure and convenient payment method for businesses operating within the European Union, allowing for automated payments from customers’ bank accounts.
SEPA Credit
SEPA Credit
SEPA Credit Transfer is a secure and efficient way for businesses to make payments within the European Union, streamlining cross-border transactions and simplifying international payments.
Apple Pay
Wallets
Apple Pay offers businesses a convenient and secure way to accept payments from iPhone, Apple Watch, and Mac users, enhancing the customer experience and boosting sales.
Google Pay
Wallets
Google Pay empowers businesses to offer a fast, secure, and convenient mobile payment experience, attracting a wide range of customers.
PayPal
Wallets
PayPal is a global leader in online payments, offering businesses a secure and convenient way to accept payments from millions of customers worldwide.
Trustly
Online Bank Transfers
Trustly is a leading global online payment method, allowing customers to make secure and instant payments directly from their bank accounts, enhancing your online checkout experience.
Invoice Payment
Invoice
A document outlining the details of a purchase, including the goods or services provided, the amount due, and payment terms.
Prepayment
Prepayment
A payment method requiring buyers to pay for goods or services upfront before receiving them.
Mastercard
Credit/Debit Cards
Unlock a world of payment possibilities with Mastercard, a trusted global leader in secure and convenient transactions
American Express
Credit/Debit Cards
Elevate your business with American Express, a premium payment network that attracts discerning customers and drives higher-value transactions.
JCB
Credit/Debit Cards
JCB is a leading international payment network, offering a unique opportunity for businesses to reach a growing customer base, especially in Asia-Pacific.
UnionPay International
Credit/Debit Cards
UnionPay is the world’s largest payment network, offering businesses the opportunity to tap into the vast Chinese market and beyond.
Discover
Credit/Debit Cards
Discover is a leading payment network that offers a unique combination of security, rewards, and customer service, making it an attractive option for businesses.
