# Latvia — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/LV
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **Instant Links** is Latvia's phone number proxy payment service
- **SEPA Instant** available 24/7 via Citadele, SEB, Swedbank
- **Latvijas Banka** operates the Instant Links Registry
- **Swedbank** dominates with 34.91% market share
- **No unified national QR standard** - phone-based instant payments emphasized

## Banking landscape

### Central Bank
- **Name:** Latvijas Banka (Bank of Latvia)
- **Website:** https://www.bank.lv/
- **Role:** Eurosystem member, Instant Links Registry operator

### Major Banks (2024)

| Rank | Bank Name | Total Assets (EUR) | Market Share | Owner |
|------|-----------|-------------------|--------------|-------|
| 1 | Swedbank AS | 10,647 M | 34.91% | Swedbank (Sweden) |
| 2 | SEB banka | 5,928 M | 19.44% | SEB Group (Sweden) |
| 3 | Citadele Banka | 5,074 M | 16.64% | Ripplewood (US), EBRD |
| 4 | Luminor | ~3,000 M | ~10% | Blackstone (US) |
| 5 | Rietumu Banka | 1,375 M | 4.51% | Private |

### Market Structure
- **Swedish Dominance:** Swedbank + SEB hold 54%+ combined
- **Nordic Banks:** Swedbank, SEB, Luminor dominate
- **Citadele:** Formed 2010 from Parex Bank split, now private
- **Small Market:** Concentrated, well-capitalized sector

### Banking Characteristics
- High digitalization
- Leads Eurozone in instant payment adoption (SCT Inst)
- Strong CET1 ratios and ROE
- Limited branch network

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| TIPS | Eurosystem | Instant EUR | Active |
| Instant Links | Latvijas Banka | Phone proxy | Active |
| TARGET2-LV | Latvijas Banka | RTGS | Active |

### Instant Payments
- **Speed:** 10 seconds
- **Availability:** 24/7/365
- **Banks:** Citadele, SEB, Swedbank
- **Limits:** EUR 15,000 (individuals), EUR 100,000 (businesses)

### Instant Links Registry
- **Operator:** Latvijas Banka (Bank of Latvia)
- **Type:** Phone number to IBAN linking
- **Connected Banks:** Citadele, SEB, Swedbank (more joining)
- **Usage:** 11% of instant payment users (growing)

---

## QR code standards

### No Unified National QR Standard

Latvia does not have a country-specific QR payment standard. Current status:

| Feature | Type | Status |
|---------|------|--------|
| Instant Links | Phone proxy | Active |
| EPC QR | European standard | Available |
| Bank authentication QR | Login/security | Active |

### Phone Number-Based Payments (Instant Links)

| Attribute | Value |
|-----------|-------|
| **Operator** | Latvijas Banka |
| **Type** | Phone number linked to IBAN |
| **Speed** | 10 seconds |
| **Connected** | Citadele, SEB (Swedbank joining) |

### How Instant Links Works
1. User registers phone in Citadele app (More > Settings > Instant link)
2. Phone linked to IBAN in Latvijas Banka registry
3. Sender enters recipient's phone number
4. System looks up linked account
5. Instant payment executed

### Bank Authentication QR
- Citadele uses QR for online bank login
- Authorization via Face ID, fingerprint, or PIN
- Not for payment initiation

---

## Mobile payment apps

| App Name | Bank | SEPA Instant | Instant Links | QR |
|----------|------|--------------|---------------|-----|
| Citadele | Citadele | Yes | Yes | Auth only |
| SEB Latvia | SEB | Yes | Yes | Limited |
| Swedbank | Swedbank | Yes | Coming | Limited |
| Luminor | Luminor | Yes | Coming | Limited |

### Citadele Mobile Features
- Instant EUR payments to 1,900+ EU banks
- Instant Links registration
- EUR 15,000 individual limit
- QR code login authentication

### Instant Payment Coverage
- Available via mobile app and online banking
- Cross-border to SEPA zone
- 24/7/365 including holidays

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [Instant Links](https://docs.barcoder.ai/docs/payments/LV/instant-links) | Phone proxy | Phone # | Growing | [`instant-links`](https://docs.barcoder.ai/docs/standards/instant-links) |
| [EPC QR](https://docs.barcoder.ai/docs/payments/LV/epc-qr) | European QR | QR Code | Limited | [`epc-qr`](https://docs.barcoder.ai/docs/standards/epc-qr) |

## Sources

- [Latvijas Banka - Instant Payments](https://www.bank.lv/en/operational-areas/payment-systems/instant-payments)
- [Citadele - Payment Options](https://www.citadele.lv/en/private/payments/)
- [Latvijas Banka - Payment Radar](https://www.bank.lv/en/component/content/article/12105-payment-radar-of-latvijas-banka-instant-payments-affect-people-s-habits)
- [TheBanks.eu - Latvia Major Banks](https://thebanks.eu/countries/Latvia/major_banks)
- [Finance Latvia - Industry Data](https://www.financelatvia.eu/en/industry-data/)
- [Global Citizen Solutions - Banks in Latvia](https://www.globalcitizensolutions.com/banks-in-latvia/)
- [Citadele - Online Bank](https://www.citadele.lv/en/useful/online-bank/)
- [Wise - Banks in Latvia](https://wise.com/gb/blog/banks-in-latvia)
- [Elevate Pay - Banks in Latvia](https://www.elevatepay.co/blog/banks-in-latvia)
- [Baltic Legal - Top Banks](https://www.baltic-legal.com/banking-in-latvia-top-banks-eng.htm)

## Full country report

[LV-latvia.md](https://docs.barcoder.ai/docs/payments/LV)