Spain Digital Wallet Market Size, Share, Opportunities And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others) - Forecasts From 2020 To 2025

Published:  Nov 2022 Report Code: KSI061613802 Pages: 95

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.

Market Restraints

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.

Key Developments

  • In June 2022, a European Payment Initiative’s payment solution was promoted by the European central bank. In this initiative, EPI proposed an innovative and unified pan-European payment solution leveraging cards and credit transfer, while offering digital wallets to consumers and merchants across European countries such as Spain. EPI is targeting to become a new standard of payment for the countries’ merchants and consumers for all types of retail transactions such as online, cash withdrawal, peer-to-peer, and in-store. The company’s focus is on the wallet, instant payment, and value-added services.
  • In February 2019, Google Pay added support from a few banks in Spain among a few countries. Now, in total 15 banks are supported by Google pay in Spain with the addition of Banco Pichincha, Boon, and Pibank. The motive of this initiative was to ease the use of payment platforms for in-store, in-app, and online transactions.
  • In July 2022, Google Pay announced the roll-out of its new multipurpose digital wallet in a few countries around the world, including Spain. The multipurpose wallet will enable the users to use, present, and store digital credentials such as health cards, identity cards, payment cards, tickets, and even transits and hotel keys. The update will be applicable across 39 countries in Europe and Asia.

Segmentation

  • By Device
    • PC/Laptops
    • Smartphones
  • By Application
    • Money Transfer
    • Recharge
    • Movie Booking
    • Food Ordering
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

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

5.1. Introduction

5.2. PCs/Laptops

5.3. Smartphones

 

6. SPAIN DIGITAL WALLET  MARKET, BY APPLICATION

6.1. Introduction

6.2. Money Transfer

6.3. Recharge

6.4. Movie Booking

6.5. Food Ordering

6.6. Others

 

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

8.1. PayPal

8.2. Google LLC

8.3. Apple Inc.

8.4. Samsung Group

PayPal

Google LLC

Apple Inc.

Samsung Group

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