Spain Digital Wallet market was valued at US$1,213.629 million in 2019. Rising proliferation of smartphones and internet penetration is boosting the adoption of digital wallets in the country. According to the World Bank Data, the percentage of the population using the internet in Spain increased from 78.69 in 2015 to 86.12 in 2018. Although Spain lags behind other leading European e-commerce markets such as Germany and France, the market does show positive signs of growth. With growing online retailing, the demand for online payment options is also rising in Spain which is fueling the digital wallet market growth in the country. The mobile shopping in Spain accounts for more than 30 percent of e-commerce sales.
Despite the growing number of mobile payment options, digital wallets are gaining popularity in Spain and are increasingly used by the Spaniards’ digital users as a mobile payment method. According to the 2016 report published by MasterCard, 75 percent of surveyed consumers had used a wallet application to make their online purchases in Spain on account of speed, security, and convenience. Global market vendors such as Google and Apple have already a wide customer base in Spain. Also, many banks are also launching their digital wallets or partnering with global market players to stay ahead in the digital wallet market. For example, CaixaBank has designed a virtual wallet called CaixaBank Pay which allows customers to withdraw money from ATMs or pay at physical retail stores directly with a smartphone on the POS terminal without touching it using NFC technology. In March 2018, Bankia and PayPal entered into a strategic partnership in Spain that enabled Bankia customers to link their cards to PayPal so as to easily complete digital transactions.
Spain Digital wallet market has been segmented on the basis of device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Spain digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.