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Latvia
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Top e-commerce industries
20%
Electronics
27%
Hobby & Leisure
16%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
Riga
Capital
1.8M
Population
GMT+2
Time Zone (GMT)
EUR
Currency
Euro
$9.2B
Transactions
value in 2030
19.3%
CAGR
of Digital Payments
during 2025-2030
during 2025-2030
Popularity of e-commerce payment methods
Extend your reach
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Direct bank account payments which include 11 banks and account providers, 26 bank APIs, and currently only one regulated third-party provider (TPP).
Method
Pay by Bank (LV)
Pay by Bank (LV)
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Bank Transfer
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
No
Authorization currency
EUR
Authorization
speed
speed
Instant
Recurring
N/A
N/A
Reasons for Popularity
High digital adoption, strong instant payments, EU regulatory alignment, fintech ecosystem growth, and user convenience.
