(MoneyNewsWire.Net, January 09, 2018 ) A fresh report has been added to the wide database of Market Research Hub (MRH) titled “Consumer Payments Market in the Spain What Consumers Want 2017” which examines the payments market in Spain, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
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While Spain has progressed well in terms of the implementation of electronic payments, cash remains the preferred mode of payment among Spanish consumers, accounting for 68% of the total payment transaction volume in 2017. The growing acceptance of payment cards by retailers, which is stimulating consumption, and the advent of contactless technology are anticipated to reduce the share of cash within the economy over the forecast-period.
Although use remains relatively low, until the global economic and European sovereign debt crises, Spain had a robust and rapidly growing payment card market. Use of payment cards had been supported by a steady fall in interchange fees. With the new EU interchange fee in place, payment card transaction volumes and values are anticipated to grow further. Continued efforts by the central bank of Spain - Banco de Espaa - and commercial banks to promote electronic payments are expected to support growth over the forecast period (2017e-21f). Banks in Spain are also increasingly turning towards low-cost channels such as mobile and internet banking to offer products and services. The emergence of digital-only banks is likely to accelerate the shift towards electronic payments in Spain. The mobile-only imaginBank, launched by CaixaBank in January 2016, provides banking services exclusively through mobile apps and social networks.
It provides in-depth analysis of the following:
- Analyzes consumer attitudes to financial services by life stage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Spain are deploying these tools to meet customer needs.
- Explores the online payment market in Spain by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- In October 2015, the national postal service operator Correos partnered with the UK-based prepaid card issuer Prepaid Financial Services to launch the contactless Correos Prepago MasterCard card. The card can be purchased via the national network of Correos post offices, and can be loaded via credit and debit card online or at any of the Correos branches in Spain.
- The emergence of digital-only banks is likely to accelerate the shift towards electronic payments in Spain. The mobile-only imaginBank, launched by CaixaBank in January 2016, provides banking services exclusively through mobile apps and social networks.
- To prohibit banks and ATM network operators from charging high fees for cash withdrawals, the Spanish government introduced a new regulation restricting the practice in October 2015. Following this regulation, banks and ATM network operators agreed to cap withdrawal fees effective from January 2016.
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Reasons to buy
- Understand the key facts and figures in the consumer payments market in Spain.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Spanish market and use this knowledge to inform product design.
Table of Content:
Payments Infrastructure & Regulation
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