Timetric’s Analyst, Kartik Challa comments: “The uptake of innovative payment solutions among Spanish consumers is gaining traction due to the increased availability of a number of options such as iupay, Orange Cash, BBVA Wallet and Caixa Wallet. Moreover, banks and telecom operators are also increasing investments to offer their customers a choice of payment options, whether in-store, at home or on the move.”
BBVA launched its BBVA Wallet in December 2013, which increased the scope of its digital wallet service by adding new functions in May 2015. In January 2016, CaixaBank signed an agreement with Samsung Electronics to add Samsung Pay to its mobile payment service. Customers of CaixaBank and its subsidiary imaginBank are the first in Spain to access the Samsung Pay service, according to a new report from Timetric.
PayPal, in association with Vodafone, launched a digital wallet service in Spain in February 2016. Under the agreement, PayPal can be integrated into Vodafone’s digital wallet, and users can pay for purchases using PayPal.
Contactless technology is also gaining traction in Spain with banks and payment companies introducing new solutions to capture a large share of the market. According to Timetric, the number of contactless cards in circulation was 850,000 in 2011, which increased to 10.4 million in 2015, equivalent to 15.5% of total payment cards, and is anticipated to reach 22.5 million by 2020.
The latest initiatives were the launch of Samsung Pay in January 2016, and Orange Cash in May 2015. In December 2013, CaixaBank in association with Visa Europe, and telecom service providers Orange, Telefonica and Vodafone launched a contactless m-payment solution.
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