LONDON, May 11, 2022 (GLOBE NEWSWIRE) -- The cards and payments market in Spain is projected to grow at a CAGR of more than 8% during the forecast period. Cash remains the preferred method of payment in Spain in the year 2021. Nevertheless, with the Spanish government taking steps to improve banking penetration, increasing financial knowledge among citizens, and efforts by banks to promote electronic payments, payment cards grew in prominence during the review period (2017–21e).
The Spain cards and payments market research report offered by GlobalData Plc analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
Spain Cards and Payments Market Outlook
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Spain Cards and Payments Market Highlights
- The emergence of digital-only banks is likely to accelerate the shift towards electronic payments in Spain.
- Contactless payments for public transport are gradually gaining traction in Spain amid the COVID-19 pandemic.
- Contactless technology is gaining prominence in Spain, with banks such as CaixaBank, Santander, and BBVA offering contactless cards.
- Despite Spain being a cash-dominated society, cash payments are set to decline in line with the rising consumer preference for electronic payments.
Spain Cards and Payments Market Segmentation by Payment Instruments
- Card-based payment
- Merchant acquiring
- Ecommerce payments
- Buy now pay later payments
- Mobile proximity payments
- P2P payments
- Bill payments
- Alternative payments
The number of debit cards grew at a moderate rate during the review period. However, with the continued migration of low-value cash payments to debit cards they are increasingly being used for payments as opposed to ATM cash withdrawals. The rise in usage can partly be attributed to banks offering cards for niche segments as well as discounts at partner merchants. Debit cards are mostly used for payments rather than ATM cash withdrawals, with payments accounting for a significant share of total debit card transaction value in 2021.
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Leading Players in the Spain Cards and Payments Market
- CaixaBank
- BBVA
- Santander
- Sistema 4B
- Sistemapay
- Visa
- Mastercard
- Evo Payments
- Comercia Global Payments
- PayPal
- Google Pay
- Apple Pay
- Samsung Pay
- Paysafecard
- Bizum
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Spain Cards and Payments Market Overview
| Market Size (2021) | $280.38 billion |
| CAGR | >8% |
| Forecast Period | 2021-2025 |
| Key Segments | Card-based payment, Merchant acquiring, Ecommerce payments, Buy now pay later payments, Mobile proximity payments, P2P payments, Bill payments, and Alternative payments. |
| Key Players | CaixaBank, BBVA, Santander, Sistema 4B, Sistemapay, Visa, Mastercard, Evo Payments, Comercia Global Payments, PayPal, Google Pay, Apple Pay, Samsung Pay, Paysafecard, and Bizum |
Spain Cards and Payments Market Report Scope
This report provides top-level market analysis, information and insights into the Spanish cards and payments industry, including –
- Current and forecast values for each market in the Spanish cards and payments industry, including debit, credit, and charge cards
- Detailed insights into payment instruments including cash, cards, direct debits, credit transfers, and cheques. It also includes an overview of the country’s key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Spanish cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of the Spanish cards and payments industry
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Spanish cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Spanish cards and payments industry.
- Assess the competitive dynamics in the Spanish cards and payments industry.
- Gain insights into marketing strategies used for various card types in Spain.
- Gain insights into key regulations governing the Spanish cards and payments industry.
FAQs
What was the annual value of card transactions in Spain cards and payments market in 2021?
The annual value of card transactions in the cards and payments market in Spain was $280.38 billion in 2021.
What is the Spain cards and payments market growth rate?
The cards and payments market in Spain is projected to grow at a CAGR of more than 8% during the period 2021-2025.
What are the key payment instruments in the Spain cards and payments market?
The key payment instruments in the Spain cards and payments market include card-based payments, merchant acquiring, e-commerce payments, buy now pay later payments, mobile payments, P2P payments, bill payments, and alternative payments.
Who are the key players in the Spain cards and payments market?
CaixaBank, BBVA, Santander, Sistema 4B, Sistemapay, Visa, Mastercard, Evo Payments, Comercia Global Payments, PayPal, Google Pay, Apple Pay, Samsung Pay, Paysafecard, and Bizum are some of the key players in the Spain cards and payment market.
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