A detailed and comprehensive report on the 2021 cards payments and consumer banking market in Spain with clearsighted commentary backed by detailed market data.
The rapid acceptance of contactless payments and P2P transfers sets Spain apart as a payments market to watch. The population is enthusiastic about these methods, which have grown considerably in recent years, especially in 2020, that saw the market hit an inflexion point for declining cash usage. Further bank mergers are likely in the coming years, with the launch of a new national card brand certain once the public health situation has stabilised.
Demographics and the economy
Spanish cards market data
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendices: Card Payments Data Spain
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: Card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: Acquirers and processing
Appendix IX: Online acquiring
Demographics and Economy:
After a sharp reversal of economic prosperity in 2008, growth returned in 2014 because of structural reforms to improve competitiveness and attractiveness for foreign investors. Average GDP growth reached 2.6% between 2014 and 2019, although it decreased by about 9% during 2020 due to the pandemic
During 2020, the total value of payment cards purchases continued to gain share relative to ATM cash withdrawals, representing 67% of the total value of card billed volume. The cash ratio has been in decline since 2014, and it will almost certainly continue to do so ... as Covid-19 continues to impact behaviour.
Payment cards are relatively well embedded among Spanish consumers, with 88% of adults holding a debit card and 55% a credit card. However, Spanish issuers have long tended not to make a clear distinction between the two, viewing cards as payment instruments or cash substitutes.
The most important development in mobile payments has been the launch of Bizum in October 2016: this mobile transfer and payments app, owned by 25 banks, is primarily used to carry out person-to-person transfers.
Between 2014 and 2019, credit card outstandings grew 47%, with a stable average rollover rate of 65%. During 2020, credit card outstandings decreased by 7.4% due to the effect of the pandemic on consumer spending
Visa leads the Spanish credit cards € market in terms of both billed volume and number of cards in issue. Mastercard is a secondary player in the market. From 2014 to 2020, the total debit card billed volume grew by 78%, demonstrating the popularity of debit cards.
Key Retail Banks and Issuers:
The Spanish credit cards market is competitive, with the leading banks competing with a small number of specialist consumer finance and credit cards specialists. Between 2016 and 2020, the top five issuers market share grew from 72% of total card outstandings to 75%.
Acquiring and Processing:
With approximately 2.06 million POS terminals at the end of 2020, Spain has one of the largest acquiring networks in Europe. At 5,110 terminals per 100,000 adults, the country is above the EU average in terms of POS density.
Total online acquired purchase volume came to $33.7 billion in 2020, an increase of 43% over 2018. Debit cards are more popular than credit cards when paying for online purchases.
Regulatory and Markets Information:
To offer financial services here it is necessary to have a banking authorisation or licence. Fintechs are no exception: to operate they need an electronic money (EDE) licence or to establish a partnership with an EDE.
Asociación Española de Banca
Banco Bilbao Vizcaya Argentaria
Banco de España
Banco de Valencia
Banco GNB Paraguay
Banco Hispano Americano
Banco Portugués do Investimento
Bank of America
Bank of Spain
Bankinter Consumer Finance
Bip & Drive
Caja Laboral Popular
Comercia Global Payments
Comisión Nacional de los Mercados y la Competencia
El Corte Inglés
Español de Crédito
Fondo de Reestructuración Ordenada Bancaria
Global Payment Moneytopay
Grupo Caja Rural
Madrid City Council
Madrid Trade Confederation
Metro de Sevilla
Orderly Banking Restructuring Fund
PNC Financial Services Group
Redes y Procesos
San Miguel Market
Sistema de Tarjetas y Medios de Pago
Sistema Nacional de Compensación Electrónica
Sociedad Española de Sistemas de Pago
Spanish Confederation of Savings Banks
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.
To find out more or to discuss subscription options, please email: firstname.lastname@example.org or telephone: +44(0)20 7337 4200.