Press Release

Plastic not so fantastic as Spanish consumers prefer e-wallets

Use of credit cards set to decline by 9 per cent in next five years, new Worldpay report reveals

October 25, 2017

25th October 2017 – Madrid — Spanish consumers are forecast to favour e-wallets and bank transfers over credit and debit cards over the next five years, according to new data from leading payment company Worldpay.

In its annual Global Payments Report, Worldpay found that Spain’s use of credit and debit cards is expected to decline over the next five years. Credit card use, in particular, is forecast to drop from 15 per cent of the eCommerce market in 2016 to just over 6 per cent in 2021, while debit cards are also projected to decrease, from 19 per cent to 14 per cent in the same period.

Plastic’s share of the eCommerce market may be taken by a big increase in e-wallets and bank transfers as more Spaniards favour payment options they can use on the move. By 2021, e-wallets are expected to grow from 28 per cent to 40 per cent of the market, while bank transfers are likely to rise from 18 per cent to just under 28 per cent in the same period.

The Spanish eCommerce market is well-established with total sales of EUR€19bn (US$23bn) in 2017, and this is set to grow by an annual average of 7 per cent to be worth EUR€24bn (US$29bn) by 2021. Meanwhile mCommerce is expected to see stronger growth, rising by 13 per cent each year over the same period. From 2015-16 mCommerce doubled as a proportion of the total eCommerce market, and half of all Spaniards today also buy through their mobile devices. By 2021 mCommerce will likely represent almost 40 per cent of the total eCommerce market in Spain.

Spain has 46m consumers, of whom 84 per cent have access to the Internet. The country has also experienced a FinTech boom over the last few years, with the sector quadrupling between 2013 and 20161. The country today boasts over 200 FinTech startups, including a number of new money transfer and e-wallet specialists looking to capture Spanish consumers’ attention.

Commenting on the research, Rogier De Boer, VP of Business Development in EMEA at Worldpay said: “Spain was especially hard-hit by the Great Recession, so the FinTech boom and forecasted eCommerce growth are both welcome signs that consumer confidence is returning.

“This is great news for merchants who want to expand into the growing eCommerce market; however they should be aware of Spanish consumers’ preferences, and the variety of payment apps on the market – it is worth remembering Spaniards expect online purchases to be delivered within five days. A quarter of Spaniards also research items online before buying in-store, which shows the importance of having an Omni-channel offering to capture maximum sales.”

Worldpay has published a list of guidelines for merchants looking to capitalise on the global eCommerce and mCommerce opportunity:

  • One-click ordering: Consumers are more likely to shop more often with companies that save their payment details for one-click ordering. Merchants should provide one-click ordering to make online checkout as seamless as possible - especially via mobile apps.
  • Consider the most popular payments methods in each territory, and prioritise those that complement your business model - there is no one size fits all in Europe so you will need to understand the best options for your company.
  • Cross-border trade: Merchants should ensure that they have local acquiring capabilities wherever they have a legal entity; offer a wide range of currencies at checkout; and consider local language customer support in their customers' time zone to deliver a great shopping experience.

About the 2017 Global Payments Report

This report was compiled using a mixture of primary and secondary data sources. Primary refers to our own surveys and commissioned research; whereas secondary refers to authoritative third-party vendor data, and other publicly available data. The report also draws upon Worldpay’s decades of experience in providing global eCommerce solutions. The eCommerce projected growth figures contained in this report were sourced from GlobalData’s E-Commerce Analytics database and relate to the eCommerce industry as a whole, not Worldpay’s business. GlobalData collected this data using consumer surveys, B2B surveys and desk research. Any indicative predictions based on the data we have used should be treated as such.

About Worldpay

Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types. For more information, visit

For more information, please contact:

Global eCom
Emily Lahey, PR Director
+44 (0) 203 664 5663

Nitesh Khetani
+44 (0) 207 067 0128

The information is provided on an "AS IS" basis for information purposes only and Worldpay makes no warranties of any kind including in relation to the content or suitability.

Worldpay (UK) Limited (Company No. 07316500 / FCA No. 530923), Worldpay Limited (Company No. 03424752 / FCA No. 504504), Worldpay AP Limited (Company No. 5593466 / FCA No. 502597). Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AF and authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. Worldpay (UK) Limited is authorised and regulated by the Financial Conduct Authority for consumer credit activities.

1Fintech Radar Spain, July 2016