- Incorporates in depth analysis and numerical for present and expected players in the market including segments like credit, debit and charge cards
- Timetric’s Comprehensive report on payments structure of the economy and its alternative payment devices
Ken Research published a report on ‘The Cards and Payments Industry in Latvia: Emerging Trends and Opportunities to 2020’ which discusses data on Latvian cards and payments industry using empirical analysis on major product type like debit cards and credit cards, by, market proportion of main companies, online commerce trends. The report puts forward how the new and existing players can use this information on dynamics of the financial sector in Latvia to gain an edge in the market. Additionally, growth strategies have also been covered, keeping in mind all the steps that the Latvian government and the central bank have taken to ensure healthy survival of cards and payments industry.
The Latvian economy has sustained exceptionally high GDP growth and decline rates in the past and retains its position in the list of top notch countries having highest human development index. Economic expansion and monetary expansion often go hand in hand and henceforth, the increase in methods of making payments. As a consequence of reduced amount of money balances held by the public in the country, the income velocity of money overshoots the equilibrium. Inevitable shocks cause to the money supply follow, leading to the economy bouncing between crests and troughs. This leaves the central banks and the governments in a tough situation to curb these shocks to anchor the fluctuations in the economy.
As Latvia’s economy and Cards and Payments industry continues to strive to grow, the issuers can analyze the environment in the industry to make the most of the incentives provided by the regulatory organizations. These players should target to make their organization well adaptable to the recent policy changes in the economy’s competitive landscape. These firms can aim those consumers who prefer to keep up with the joneses to keep themselves profitable. It can provide lengthened strategy suggestions that will respond well to this continuously changing arena of the payments industry. The ‘ought to be targeted’ customer base would be the one that risk loving or risk neutral in order to make sure that this target is permanent. The issuer can therefore cater to the needs, attitudes and preferences of this segment towards charge, debit and credit cards.
The report delivers detailed analysis of the market trends in the Latvia. It gives value and volume numbers of diverse performance parameters in the market, including payment cards, check payments, cash transactions, direct debits and credit transfers for the period 2011-2015. It has the data on the number of circulated cards in the economy, and the volume of transactions over the expected period from 2016-2020, the dynamics of competition including the market share of issuers and schemes made available and policy and regulatory regimes put in place.
Key Topics Covered in the Report:
- Value and Volume analysis of the Latvian Cards and Payments market
- Detailed Issue Scenario and the Regulatory Framework
- Consumer Trend Framework
- Segment definitions and analysis
- Details of strategies used by leading issuers in Latvia
- Analysis of e-commerce in Latvia
- Key drivers to influence Payments industry
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Ankur Gupta, Head Marketing & Communications