Presentation by Deniss Fiļipovs (Head of Payment Systems Policy Division, Payment Systems Department, Latvijas Banka) at Latvijas Banka's conference "Payments in the 22nd Century: Future starts Today?" on 3rd October 2018

1. PAYMENT TECHNOLOGY
WHERE ARE WE TODAY?
Deniss Filipovs
Conference of Latvijas Banka
"Payments in the 22nd Century: Future Starts Today?"
3 October 2018

2. 2
79%
19%
Transactions at POS
cash
cards
other
ECB study on the use of cash by
households in the euro area
0%
10%
20%
30%
40%
50%
60%
2017 2018
Use of payment instruments
cash non-cash
64%
Latvijas Banka's annual survey; use of cashless payment instruments for
making purchases, P2P and utility payments
of retail cashless payments in LatviaCard payments represent

3. CONSUMER
EVOLUTION
"Digital has created a new
layer of expectations"
Millennials trust technology
companies more than
banks
Mobile device is the main
driver

4. Allows 3rd parties to
access customer
account with
permission
TO BE A
GAME
CHANGER

6. INSTANT BENEFITS OF
INSTANT 24/7/365
PAYMENTS
 easier bill-splitting with friends
 instant money transfers to your relatives
 safer e-purchases as you pay at the
moment of delivery
 receive salary immediately even if it
requires interbank transfer
 receive your customer payments instantly
and reuse money

7. INSTANT PAYMENTS TO BECOME
AVAILABLE EVERYWHERE AND
FROM ANY DEVICE
NEW FORMS OF MOBILE-ONLY
BANKING TO EMERGE
MACHINE LEARNING,
BLOCKCHAIN AND ARTIFICIAL
INTELLINGENCE MAY
REVOLUTIONISE PAYMENTS