In a market traditionally dominated by banks, cards and cash, early signs of promise for Latvia’s fledgling non-bank payment sector are starting to appear.
Today, non-bank payment firms control only a tiny proportion of Latvia’s payments industry and cash is still used for nearly 80 percent of in-store transactions.
However, since June last year, Latvia’s Financial and Capital Market Commission (FKTK) has issued its first three licences to non-bank payment service providers (PSPs) Monetizator, SOLLO and Baltic Payment Solutions.
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