With a growing eCommerce market, businesses using the top payment methods in Spain will gain an edge in Spain and improve their global presence too.
This report covers 2021. Looking for the most recent data? Read our latest report.
Spain has one of the biggest economies in the EU and at a projected 12.6 percent CAGR has the highest growth expectations in Europe overall (J.P. Morgan 2021). And with a projected market volume of US$35,502 million by 2025, the country is poised to remain a top player in the global eCommerce market. (Statista)
Top Spanish Payment Methods
- Credit and Debit Cards: Among the most popular of Spain’s payment methods, cards presently make up 53% of total eCommerce purchases in the country (Statista, 2021). The most popular card issuers in Spain are Visa and MasterCard for consumers. Cards also lead the way for B2B payments in Spain. Nearly half of all eCommerce payments in Spain are done via credit card, but that is expected to decline just under 30% over the next five years as digital wallets and other payment methods gain ground (J.P.Morgan, 2021).
- Digital Wallets: Digital wallets are increasingly the most popular choice for payment methods in Spain, with 200M people using digital wallets all across Western Europe (Globe Newswire, 2021). Over 97% of people aged 19-24 in Spain are online, and as they enter the marketplace, they are interested in online payment methods primarily via app (Edwards, 2021). Paypal is the most popular digital wallet in Spain at the moment. Digital wallet use is expected to keep growing at a CAGR of 35 percent until 2022. (J.P. Morgan)
- Bank Transfers: Many businesses in the Spanish market have popularized bank transfer as a payment method. Because bank transfers are direct, it is attractive to merchants who want their payments guaranteed and secure. It also helps to serve those without major debit or credit cards and makes payment processing time go much quicker. Trustly is a popular payment method for online banking payments. There are also many money transfer apps that are very specific to Spain, like Bizum and Teleingreso.
- Buy Now, Pay Later: Banks and ecommerce sites have started offering Buy Now Pay Later options like Klarna as a way to capture the rapidly growing segment and to appeal to new users. With no interest charged for on-time payments by many of the BNPL platforms, people without credit cards can make purchases from a business and pay in installments. BNPL lets businesses maintain better checkout rates and customer retention.