Payment Card Year Books

Spain Statistical Report 2024

Name: Spain Statistical Report 2024
Brand: Payment Card Year Books
Price: 270.00 GBP
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£270.00

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INTRODUCTION

Spain is a constitutional monarchy with a bicameral parliament. Spain joined the European Union in 1986 and became a member of the euro zone in 1999.

Spain’s payment market was traditionally characterised as one of Europe’s cash-heavy societies, with merchants reluctant to accept card payments over high acceptance fees. But in recent years, the proliferation of contactless and mobile payment infrastructure has opened up more retailer sectors to electronic payments.

The COVID-19 pandemic accelerated the reduction in the use of cash in Spain as a means of payment in favour of digital payments, with payment channels evolving away from a model dominated almost exclusively by card systems (linked to bank deposits) towards a more mixed FinTech model.

During the COVID-19 pandemic in 2020, merchants quickly pivoted towards card payment acceptance, helped by increasing consumer usage of mobile schemes like Bizum. As such, mobile payments are forming a larger proportion of contactless payment transactions with every passing year.

Waves of bank consolidation have generated better agility and innovation in banks’ digital propositions, and the emergence of bank digital payment ecosystems by the likes of Santander are set to accelerate Spain’s rapid uptake of cashless payment instruments. Instant payments too are finding favour with Spanish consumers, helped by banks becoming early proponents through Open Banking.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Spain. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts.

In the last decade, Spanish consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device.

In addition, new consumer demands are a game changer. Spanish consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Spanish is driven by minimal cost, secure payments and a high level of user convenience.

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.