Payments and e-commerce in Latvia

Discover how Latvians like to shop and pay online

Latvia

General Information

  • Population 1.9 m
  • Population 15 + 1.6 m
  • Online population 1.7 m
  • Area 64,589 km2
  • Currency EUR
  • GDP 37.2 bn $US
  • GDP per capita 19,926 $US
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"47"},{"label":"Cash-based payments","value":"3"},{"label":"Bank transfer","value":"28"},{"label":"Wallets","value":"20"},{"label":"Other","value":"2"}]
Banked population
  • Latvia 94%
  • Eastern Europe & the CIS 72%
  • World 67%
Credit card penetration
  • Latvia 21%
  • Eastern Europe & the CIS 22%
  • World 19%
Internet penetration
  • Latvia 89%
  • Eastern Europe & the CIS 76%
  • World 62%
Smartphone penetration
  • Latvia 74%
  • Eastern Europe & the CIS 62%
  • World 70%

Internet connectivity increased in the country from 86% in 2018 to 89% in 2021, 74.32% of internet users accessed it via their smartphones, an increase of almost 20% on 2018.

According to the Bank of Latvia, the most commonly used non-cash payment methods are cards (59.7%) and credit conversion (38.8%).

The number and value of non-cash payments carried out by Latvian payment service providers in 2021 was up by 6.2% and 21.5% respectively on 2020 figures. This is worth 579.8 m $US per day over 1.6 m transactions.

The most popular e-commerce website in Latvia in July 2022 with 8.04 m visits.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)
2022 0.7
2023 0.8
2024 0.9
2025 1.0
2026 1.1
E-commerce spending per capita ($US)
2022 355
2023 430
2024 506
2025 580
2026 644
E-commerce spending as % of GDP
2022 1.7%
2023 1.9%
2024 2.1%
2025 2.3%
2026 2.4%

Latvia

The E-Commerce Market

Top e-commerce segments

  1. Fashion
  2. Electronics & Media
  3. Food & Personal Care
  4. Toys, Hobby & DIY
  5. Furniture & Appliances

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 37%
  2. Value of cross-border e-commerce – 0.2 bn $US
  3. Online shoppers who have shopped cross-border – 60%

Top 3 cross-border shopping origin markets

  1. China: NA
  2. Germany: 15%
  3. Lithuania: 9%
B2C e-commerce growth 20->21
  • Latvia 21.2%
E-commerce % of total retail
  • Latvia 9%
  • Eastern Europe & the CIS 12%
  • World 20%
E-commerce completed on a mobile device
  • Latvia 39%
  • Eastern Europe & the CIS 39%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"27"},{"label":"Mastercard","value":"73"}]
  • E-commerce market size ($US billion) 0.5 bn $US
  • E-commerce spending per capita ($US) 286 $US
  • E-commerce spending as % of GDP 1.5%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Latvia

Local Payment Methods

BitPay Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysafecard Type Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Paysera Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & the CIS, North America + 1 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay SecurePay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Luminor Estonia Type Bank transfer Regions Eastern Europe & the CIS Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High YooMoney Type Wallet Regions Asia Pacific, Eastern Europe & the CIS + 1 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Swedbank Type Bank transfer Regions Eastern Europe & the CIS Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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