The Central Bank of Latvia (Latvijas Banka) published its spring 2026 Payment radar, reporting that non-cash payments accounted for 79% of payments in February 2026 versus 21% in cash, a five percentage point increase from autumn 2025. The semi-annual overview, based on a public survey by SIA Latvijas Fakti, also covers shifts in payment technology use, consumer views on the digital euro, crisis-related access to cash and payments, trends in euro counterfeiting, and early outcomes from the Instant Verification Service supporting payee name and account number checks. The survey data show 15.1 payments per capita per week in February 2026, including 11.9 non-cash and 3.2 cash payments, with SIA Latvijas Fakti estimating an average of 7 card payments, 5 online payments and 3 cash payments per adult per week. Daily use of contactless cards fell to 55% (from 58% in August 2025) while daily smartphone payments rose to 32% (from 21%), with higher use among respondents under 34. On the digital euro, 29% of respondents said they would use it if introduced (up from 20%), 50% said they would not (up from 45%), and those unsure fell to 21% (from 35%). On resilience, 29% were aware of a solution enabling card payments at selected merchants when communications are unavailable (up from 23%), 66% reported keeping enough cash for basic needs for one week, 96% said they know of nearby ATMs, and only 9% were aware of the critical ATM network. Counterfeiting data showed 1,040 counterfeit euro banknotes and coins detected in Latvia in 2025, down 20% from 2024, with total value down 24% to EUR 21,085; 2 euro coins remained the most commonly counterfeited item. For payee verification, Latvijas Banka reported that 57.4 million verification requests were processed via its Instant Verification Service from October 2025 to end-February 2026; 68% of respondents had noticed the name and account number verification in online or mobile transfers, and half of those said it helped prevent incorrect transfers, while two major Latvian commercial banks chose a different provider. Latvijas Banka also outlined factors affecting the digital euro timeline, noting that issuance depends on adoption of an EU legal framework and that, if the digital euro regulation is adopted in 2026, issuance could begin in 2029, with delays pushing that schedule back. The update describes the European Parliament’s work as slower than planned but notes that a 10 February 2026 plenary vote supported both online and offline versions, while negotiations on key regulatory details are ongoing and it remains unclear whether trilogues could start in summer 2026; separately, Latvijas Banka plans to update its brochure on critical financial services in the second half of the year.
Central Bank of Latvia 2026-04-09
Central Bank of Latvia Payment radar shows non-cash payments reach 79% in February 2026 and reports early results from payee verification
The Central Bank of Latvia (Latvijas Banka) published its spring 2026 Payment radar, reporting that non-cash payments rose to 79% of all payments in February 2026, alongside increased smartphone use and growing but mixed awareness and use intentions for a potential digital euro. The report highlights resilience measures, including crisis access to cash and payments, a decline in euro counterfeiting in 2025, and extensive use of the Instant Verification Service, while noting that digital euro issuance depends on adoption of an EU legal framework, with 2029 as an indicative start date if regulation is adopted in 2026.