Spain card payments market demonstrated moderate growth during the review period. The anticipated growth rate of the Spanish economy, the card payments channel is also expected to grow at a similar rate over the forecast period. The prepaid cards category is expected to show the highest growth. These are expected to be preferred over debit or credit cards as they have set spending limits, and other benefits such as rewards or loyalty programs. The volume of prepaid cards is expected to post a CAGR of 12% over the forecast period, and transaction value is expected to post a CAGR of 14%.
In terms of transaction value, the overall card payments channel is expected to show growth, largely due to attempts by the government and banks to inject fresh funds into the economy to stimulate growth. The belt-tightening attitude in consumer spending is, however, expected to prevail, with the prepaid cards category. The use of social media to reach target audiences is gradually increasing among Spanish banks such as Bankinter, CaixaBank, BBVA, and Banco Santander. With a number of banks strengthening their presence on social media to engage with target audiences, this will have a positive impact on the cards and payments industry.
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Several infrastructure drivers are expected to spur the growth of the cards and payments industry in Spain the growth of mobile phone use and the popularity of smartphones have led to robust growth in mobile payments, which posted a CAGR of 130%. Other important infrastructure drivers include internet and mobile penetration and the emergence of advanced payment infrastructure such as ATMs enabled with contactless technology. The growth prospects for online retail are also expected to encourage growth in prepaid and debit card categories, and banks are expanding their portfolios to include cards with online functionality. Anticipated improvements in economic indicators such as inflation, GDP and per capita income are some of the macroeconomic factors expected to support card volume growth over the forecast period.
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Some of the Dominating players in the Spain Cards and Payments Market:
- Banco Sabadell
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