" class="no-js "lang="en-US"> 42% of Spaniards say they use their cell phones to pay for their purchases
Saturday, September 30, 2023

42% of Spaniards say they use their cell phones to pay for their purchases

42% of Spaniards surveyed say they use their cell phone to make payments. This is revealed in the third edition of the “Study of Mobile Payment Trends in Spain”, prepared by the Spanish fintech Pecunpay in collaboration with Visa. The report highlights the increase by five percentage points compared to 2021 and by eight when compared to 2020. These data confirm the upward trend in the use of the telephone as a payment method in Spain.

Thus, this study shows that, among the favorite payment methods of Spaniards, cards (credit and debit) are positioned as the first option, indicated by 55.7% of those surveyed. In second place comes cash, chosen by 24.8% of those surveyed, and in third place, 18% of those surveyed opt for mobile payments as their preferred method of payment for their purchases, a figure that is up one point on the previous year.

In this regard, young people between 18 and 29 years of age are the ones who most choose mobile as their favorite means of payment (91%), with an average daily expenditure of no more than €25. By regions, the Extremadurians (97.4%) are the ones who say they use mobile payments most in large stores, closely followed by the Cantabrians (96%) and the Andalusians (94.5%).

Mobile payments, increasingly integrated into the daily lives of Spaniards

The mobile phone has become an indispensable tool in the daily lives of Spaniards, including for everyday shopping, and 7 out of 10 users who make mobile payments say they use it regularly. An everyday use that is reflected in the amounts of these purchases, where the average daily amount of mobile payments is increasingly lower, standing at €50 for 81% of those surveyed.

In this regard, Antonio García Cruz, CEO of Pecunpay, points out: “One of the main reasons has been the rapid acceptance of these payments in most businesses. Its benefits and advantages have been well received by its users and now they are demanding it for new uses, which will undoubtedly boost it even more”.

In terms of the main advantages, the study shows that half of the respondents highlight speed and simplicity as the main benefits of making purchases via mobile. Respondents also point to greater control over their spending and security as positive qualities of making mobile payments.

Eduardo Prieto, Country Manager of Visa in Spain, adds that ” Spaniards continue to make use of digital payments and especially mobile payments, highlighting the convenience and security they offer. We have invested €9 billion in technology in the last five years and have 1,000 cybersecurity specialists who maintain security 24 hours a day, seven days a week. In addition, we innovate to maintain the highest security standards with technologies such as tokenization, which hides and devalues sensitive payment data to stay ahead of fraudsters and make digital payments more secure while providing an enhanced shopping experience”.

On the other hand, Spaniards mostly use mobile payments when shopping for food, as indicated by more than half of those surveyed (53.4%), or when they go to hotel, leisure, and restaurant establishments (24.8%), as well as in fashion and accessories stores (12%).

Acceptance, one of the main challenges for mobile payment to consolidate its position

Given this growing use of mobile payments in our country, Spaniards are increasingly demanding the possibility of making purchases with their smartphones in any place, at any time and in any place.

Thus, the report notes that 9 out of 10 Spaniards demand greater acceptance of mobile payments in public transport (91%) and public administration (90%). In addition, the report notes that there is room for adoption of this type of payment in sectors such as tourism (89%), ecommerce (88%) and small businesses (87%).

People In This Post

Companies In This Post

  1. Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions Read more
  2. Leatherback Launches in the UK, Enabling Easier Remittance and Cross-Border Payments for Migrants and Businesses Read more
  3. Apron Raises $15m to Free Up Small Businesses and Accountants From The Pain of Processing Invoices Read more
  4. Financial Service Leaders Believe Sector Is “Digitally Fit” but Anxieties Around AI Remain, Reveals New Research Read more
  5. Haven Life and Nolo Partner to Empower More Americans on Their Financial Journeys Read more