Spain stood out for a particularly enthusiastic adoption of innovative solutions such as online payments, payments with mobile devices and immediate payments, according to a recent study on consumers’ payment habits in the euro area, the Space survey (Study on the Payment Atitudes of Consumers in the Euro Area), conducted by the European Central bank (ECB).
The report stressed that, after having a significant sample of 4,060 people in Spain, the results revealed a deep transformation in the way the Spaniards perform their daily and recurring transactions.
The online payment rise: an impulse towards digitalization
The Space study confirmed exponential growth in the proportion of online payments made by Spanish consumers in their purchases not recurring to goods and services through the Internet. “In a period of only five years, from 2019 to 2024, online payments have multiplied almost three in Spain, evidencing a clear and forceful transition to an increasingly digitized commercial environment”Said the report.
Online payment graph in day -to -day payments in Spain / Source: ECB and Bank of Spain
According to the publication: “Disaggregation by means of payment used in online transactions revealed that the bank card remains the predominant instrument, representing 51% of the total online payments in 2024. However, there is an interesting and crucial trend: the use of other electronic payment solutions, which encompass a variety of platforms and digital services, has experienced a significant increase, reaching 26% of the total”.
This category of variety of platforms mentioned by the report includes various options such as digital wallets, online bank transfers and other online payment platforms.
Figure of payment instruments used in Spain / Source: ECB and Bank of Spain
It is relevant to emphasize that the report mentioned: “In line with the average of the euro area, the use of the card as a means of online payment in Spain has experienced a slight decrease of 8 percentage points since 2022 (when it represented 59%), while the adoption of other electronic payment solutions has grown by 5 percentage points during the same period”.
According to the publication, one of the particularly remarkable data in the study of 2024 is the growing popularity of immediate payments among Spanish consumers for their online purchases, reaching a quota of 6%, slightly higher than the 5% average recorded in the euro area.
-The immediate payments, characterized by the transfer of funds to the beneficiary in seconds, at any time and day of the year, are gaining ground thanks to the widespread adoption of national solutions such as Bizum. The Space 2024 survey registered this category individually, highlighting its growing importance in the panorama of digital payments in Spain.
Digital payments take strength, but cash resists
In the field of non -recurring payments made in physical establishments, the Space 2024 survey showed a complex but clear image of the coexistence of traditional and emerging payment methods in Spain. “Despite the rise of digitalization, the cash remains the most used means of payment in physical trade, representing 57% of the total number of transactions”, Said the document.
However, and in tune with the trend observed in the rest of Europe, the report indicated that “The use of cash in physical trade in Spain continues its descending trajectory, with a decrease of 9 percentage points in the number of transactions from the 2022 Space study. In contrast, card payments have experienced significant growth during the same period, increasing its share of 28% to 32%”.
The report determined that the most notable advance in physical trade in Spain is the almost double increase in the use of mobile devices as a means of payment, going from 4% in 2022 to 7% in 2024. This trend reflects an acceleration in the adoption of contactless technologies and digital wallets by Spanish consumers for their purchases in physical stores, driven by the comfort and speed of these methods.
Factors in payment media: privacy, comfort and security
The Space 2024 study also deepened the elements that influence the decision of Spanish consumers by choosing a specific means of payment. The perception of the characteristics and advantages associated with each method plays a fundamental role in the formation of payment habits.
In relation to cash, the main advantages perceived by Spanish consumers are anonymity and privacy. In fact, concern for privacy is erected as one of the main concerns by making digital payments, with Spain and Portugal leading the list of countries in the euro zone where this aspect generates greater concern, affecting more than two thirds of consumers.
“As for the use of cards, Spanish consumers highlight the comfort of not having to carry effective (26%), the speed of the transaction (21%), the perceived security (18%) and the ease of use (12%) as their main motivations”, The document reported.
When exploring the factors that promote consumers to test alternative means of payment to the usual ones, there is a convergence of priorities between Spain and the euro area, although with slight differences in the order of importance. Both in Spain and in the euro zone, the security and ease of use emerge as fundamental criteria when considering the adoption of new payment methods.
“In the euro area, the greatest security (37%) and the ease of use (34%) are the main motivations, followed by the lowest cost (29%), the greatest privacy (27%) and the speed (21%). In Spain, consumers prioritize the ease of use (17%) as the most important factor, closely followed by security (16%), the greatest privacy (15%), the lowest cost (14%) and speed (12%)”, Concluded the investigation.
These findings of the Space 2024 study of the Bank of Spain and the ECB offer a valuable perspective on the changing dynamics of payments in Spain and the euro area, highlighting the leadership of Spain in the adoption of digital payments and the factors that shape consumers’ preferences in an increasingly digitalized environment. Comfort, security and privacy are erected as key elements that will determine the future evolution of the means of payment in the country.
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