Information collected by the Citadele Bank shows that residents of Latvia who are between 25 and 45 years old are most active in buying things with their payment cards.
Although the younger generation is seen as the most active one in terms of utilising modern technologies, the fact is that people aged 18-25 use their payment cards a bit less often than is the case with those between 45 and 55 (32% of young people, 37% of the older people).
People above the age of 55, in turn, are more likely to use cash, and on average, they use payment cards for 22% of their purchases.
“People are increasingly using cards, not cash, because that is safer and more convenient,” says the head of the Citadele Bank’s Sector of private person and SME, Dace Priede. “People can pay bills more cheaply via the online banking and ATMs. When they use their cards, banks and companies offer various discounts and bonuses which people are happy to use. For instance, Citadele cards allow you to receive cash back and gift certificates for purchases, and that is another motivation for our clients to make payments with their cards.”
The amount of money which men and women spend with their payment cards does not differ much, but women use cards slightly more often than men do.
Citadele is a local Latvian bank which offers banking, financial and asset management services. Citadele group is represented in the Latvian market as well as in 10 other countries. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. In 2012 the bank was recognized as the best governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development (EBRD).
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