Published on : Dec 14, 2018
Albany, New York, December 14, 2018: The advent of digital-only banks is set to foster the transition towards electronic payments in Spain. In order to propel the digitization, Banco Pichincha Spain came up with its digital bank ‘Pibank’ in September 2018 which facilitates banking services through social networks and mobile apps. Besides, the bank provides a fee-free payroll account which comes with a debit card. In retrospect, January 2016 witnessed CaixaBank launch mobile-only imaginBank—the app helps consumers apply for debit cards, credit cards, current accounts, consumer loans, handle personal finances and perform P2P payments. These insights are according to the report titled, “Payment Landscape in Spain: Opportunities and Risks to 2022,” which has been latterly included in the archive of Market Research Hub (MRH). The payment landscape in Spain has been further boosted by the launch of Bizum, a common mobile platform launched by 27 Spanish banks jointly. The mobile payment platform allows users perform in-store, P2P and online transactions instantly through mobile phones.
Battle of supremacy takes a further step as Orange bank vies on launching its very own digital bank in September 2019. On account of international payment providers launching solutions in the market, augmentation of alternative payments have proliferated. Consequently, the advent of Google Pay in July 2017 garnered huge attention as anyone with a Mastercard/BBVA Visa or credit card could use the payment app at stores that accept contactless payments.
Payments Landscape in Spain: Report Synopsis
The report does a coherent analysis on the payments landscape in Spain providing thorough analysis of market trends in the Spanish cards and payments industry. The report gives nuggets of information incorporating cash, cards, direct debit, credit transfer and check. Further, the report does the assessment of different card markets in the industry, number of cards in circulation, transaction values and volumes. The report sheds light on Spain’s competitive landscape, along with the market shares of issuers and schemes.
The report provides an exhaustive analysis to let card issuers and banks to know segment dynamics and competitive advantage. The report also includes regulatory policies and changes in the regulatory structure.
The report provides insights on the e-commerce market along with drivers and opportunities of Spanish cards and payments industry. Furthermore, the report furnishes an exhaustive analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Payments Landscape in Spain: Research Methodology
A thorough research methodology has been adopted with respect to providing a research approach incorporating of secondary and primary research. The insights in the report is the result of an in-depth secondary research, primary interviews and in-house reviews by panel of experts.
The secondary research embodies company websites, SEC filings and presentations by investors, industry white paper and statistical database. The primary research embodies face to face interviews, phonic interviews and e-mail interaction. To furnish the readers with an unbiased report, a panel of expert analyzes the data collected from various sources.
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