Mobile Banking and Neobanks on the Rise in Spain, as Shown by Recent Visa Study
Around 63% of Spanish consumers would spend more money on e-commerce if payment gateways of online businesses were simpler and easier to complete, according to a study published last February done by Visa and Pecunpay in collaboration with Ditrendia.
As shown by the results, 67% of users highlight the value of one-click payments, which seamlessly combine convenience and security—two of the most sought-after features by digital consumers.
In light to this, Visa uses the chance to promote some solutions of their own, like Visa’s Click to Pay, that eliminates the need to manually enter payment details for each purchase, significantly enhancing the user experience and boosting conversion rates for retailers.
The study also proves the increasing preference for cards as payment method. Cards have become the preferred method for international payments, chosen by 76% of consumers for their convenience and security, eliminating the need for cash management and currency exchange.
For international money transfers, digital platforms and neobanks are gaining traction, with 62% of users favoring them over traditional bank transfers (41%). Speed (59%), process transparency (57%), and lower fees (50%) are key factors driving adoption.
Convenience remains the top priority, cited by 71% of users, emphasizing the need for fast and seamless payment solutions such as contactless transactions.
The study also underscores the rise of mobile banking, now the most widely used channel for financial transactions (82%), surpassing web banking (40%), ATMs (34%), and traditional branches (29%). Multibanking is on the rise, with 57% of consumers managing accounts across multiple institutions. Open banking solutions are gaining traction, with 42% of users adopting them to centralize financial management, presenting a key opportunity for banks to enhance customer experience through integrated digital services.
E-commerce in Spain keeps growing
According to the study, Spain’s e-commerce sector maintains its rapid expansion, with significant room for further growth in the coming years. In 2023, 30 million Spaniards aged 16 to 74 made online purchases, representing 87% of all internet users. E-commerce revenue in Spain reached €99.26 billion last year, marking a 16.3% increase from 2022.
The momentum has carried into 2024, with online sales totaling €21.79 billion in the first quarter alone. Consumer spending is also on the rise, with the average annual online expenditure per person reaching €3,307 in 2023. Black Friday 2024 saw a surge in spending, with the average cart value hitting €147.56, well above the global average of €102.55. With a steadily growing user base and increasing consumer spending, Spain’s e-commerce market is set to continue its upward trajectory.
Improving payment gateways would boost online sales
As shown by the study and pointed out by Visa and Visa and Pecunpay’s managers, simplifying the payment gateway in online businesses would boost online sales. Eduardo Prieto, General Manager of Visa in Spain, says that “simplifying the purchasing process not only enhances the user experience but also reduces cart abandonment and can help merchants increase their revenue”.
“Our analysis confirms that in an increasingly digital world, innovation in payments is key to accelerating e-commerce growth, strengthening consumer trust, and creating an environment where businesses can thrive”, states Prieto.
