Spain’s digital wallet market was valued at US$1.861 billion in 2020.
Around the globe, an era of digital transactions can be witnessed as a result of rapid digitalization. Even in Spain, internet consumption is steadily increasing. As per World Bank data, in 2020, 93% of the population was using the internet in Spain. Furthermore, due to the COVID-19 pandemic, many businesses shifted online and electronic payments were welcomed, due to which there is increased mobile payment and digital wallet use in the country. Digital wallets are highly recommended for their security feature, as there are multiple layers of security for digital wallet transactions. Each transaction is protected by the debit/credit card company, app, retail outlet, and the bank that has issued the card.
Growth of the E-commerce system
Moving toward a cashless economy, people prefer to use mobile phones to make payments, and they tend to be more secure and hustle-free. Through digital wallets, people can store their debit or credit card details in them. The wallets provide a unique level of security through which payment can be made. However, as the country is growing, the disposable income of individuals is also increasing, and therefore it is prompting them to upgrade their standard of living. Purchasing the latest smartphones, and shopping online is boosting the e-commerce sector.
Along with that, Spain is a famous tourist destination. Booking of tickets, hotels, and other related necessary items is preferred to be done online in order to efficiently manage time. Contactless payments tend to simplify the checkout process also, and it seems to be more convenient for customers who wish to have a hassle-free and faster process.
However, even though digital wallets have various benefits, the Spanish audience is still preferring alternative payment methods to digital wallets. A survey was conducted by VISA in 2021, in the survey it was stated that mobile payments (12%) are the third preferred payment option after cards and cash, standing at first and second position with 60% and 22% respectively.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SPAIN DIGITAL WALLET MARKET, BY DEVICE
6. SPAIN DIGITAL WALLET MARKET, BY APPLICATION
6.2. Money Transfer
6.4. Movie Booking
6.5. Food Ordering
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.2. Google LLC
8.3. Apple Inc.
8.4. Samsung Group
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