Financial crisis coupled debt cautiousness of the customers in Spain restricted the growth of all types of payment cards and their circulation in the market during the review period. Whereas, the changing demographics and economic recovery in the country are expected to promote the card payments in the forecast period. Prepaid cards are showing a promising future with high growth rate and the closed-loop segment of these cards predicted to contribute more to the market due to their acceptance in retail and corporate sectors to evaluate expenses.
The payment cards market was highly affected and witnessed a downtrend during the review period due to the consumer conservative spending and global economic crisis, declining the transaction value and volume of all types of cards available in the country.
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Growing inflation, GDP and per capita income are expected to increase the volume growth of payment cards in Spain during the forecast period. The overall credit availability in the country is also anticipated to increase with the attempts of banking institutions to add new funds. However, the demand for prepaid cards is predicted to increase in the forecast period because of the restricted spending limit by the customers after the financial crisis. This growth in prepaid cards will also impact the total number of credit and charge cards in circulation.
Banks in Spain are adopting highly secured features on the payment cards to increase the customer confidence and allow them to safely conduct their financial transactions in both online and offline. Various banks are providing the Chip-and-PIN technology cards for retail purchases and security measures like MasterCard SecureCode and Verified by Visa for e-commerce transactions. The implementation of such protective features by the banks is expected to improve the volume of debit cards and credit cards during the forecast period.
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Conservative consumer spending is anticipated to increase further due to the rise in unemployment levels in the country. Prepaid cards will soon replace the existing types of payment cards like debit cards, credit or charge cards. The restricted spending limit along with additional benefits like loyalty or reward points are encouraging the customers to choose prepaid cards instead of other card payment channels.
The rising demand for mobile phones and adoption of smartphones among the customers of Spain are pointing towards the growth of mobile payments favouring the card-based payments in the country. To capitalize this scenario, many companies are focussing on providing mobile point-of-sale (mPOS) facilities strengthening the mobile payments market during the forecast period, thereby, improving the use of payment cards all around the nation.
Some of the dominating players in Australia Cards and Payments Market:
- Banco Sabadell
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