Integrated payments are consolidated in Spain
is the headline of the news that the author of WTM News has collected this article. Stay tuned to WTM News to stay up to date with the latest news on this topic. We ask you to follow us on social networks.
The behavior of payments in the face of digitization reflects that Spain is one of the European countries where the population makes the most payments through mobile applications. 25% of the population in 2021, 10% more than in 2020.
This is observed in the “XI Report on Trends in Payment Means” by Minsait Payments, on how digital technologies facilitate a context in which more and more companies combine business experience with payment.
“The user does not have to provide the card details in each payment, simply pressing a button is enough to achieve faster approval and receive confirmation that informs them where and when the transaction was made,” they clarify from Minsait Payments.
New ecosystem of digital payments
Digital technologies facilitate a context in which more and more companies combine the business experience with that of payment, and this is where the new integrated means of payment emerge.
Many companies are incorporating them directly into their own products, developing a new payment process without intermediaries and thus becoming payment facilitators.
The report highlights that the new payment ecosystem will be omnichannel, increasingly faster, easier to use and more comfortable through capabilities inherent to all types of connected devices, which will bring with it the deployment of new value-added services to mere payment.
Integrated payments are consolidated in Spain
In this sense, it is confirmed that payments are no longer an exclusive business of banks. People will still bank with them, but not in the traditional, direct relationship that we’ve seen for so long.
Instead, we will see how people increasingly bank through their favorite brands, establishing a virtuous circle between banks and brands.
Spain leads the European ranking
The report also collects data that shows how digital payment rails are prevailing over the more traditional ones (cash) at a time when Spaniards are used to using up to three different payment instruments throughout the month.
The card, used monthly by 90% of Spaniards, leaves behind its status as a commodity to become a key payment instrument to articulate new forms of financing.
With regard to mobile payment, the NFC modality is clearly dominant in Spain (66%), while in-app payment has risen notably, going from 15.7% in 2020 to 25% in the current period.
For their part, immediate payments have experienced widespread growth in the last year for all types of operations: 57% of Spaniards have used payment apps between individuals via mobile in the last month.
At the same time, new buttons appear to finance purchases, although it is true that this Buy Now, Pay Later financing method is still little known (43%) and used (34%) among Spaniards.
Although integrated payments are in their infancy, Europe’s integrated payments industry is expected to record a CAGR of 19.9% during 2022-2029 reaching $58.464 million.
