37% of the Spaniards surveyed affirm that they use their mobile to pay for their purchases

Almost 40% of the Spaniards surveyed affirm that they use their mobile to pay for their purchases. This is revealed by the second edition of the “Study of mobile payment trends in Spain”prepared by the Spanish fintech Pecunpay in collaboration with Visa. According to this report, this figure rises 3 percentage points with respect to the previous year, thus confirming the upward trend in the use of this payment method in our country.

Of the favorite payment methods, debit and credit cards stand out in the first place, with 57.8%. Cash is in second place, with 23% and mobile payments are in third place with 17%, almost two points higher than the previous year.

Speed ​​and ease of use drive mobile payments

Paying with the mobile phone has become an increasingly daily gesture, both because of the agility and the ease that smartphones offer when it comes to paying for our purchases or services. According to this study, almost half of the mobile payment users surveyed – 49.4% – prefer to pay for their purchases via mobile because it is a fast system. Simplicity and the possibility of better controlling expenses are the positive qualities highlighted by users in second and third place, respectively.

Given that the mobile phone permeates day-to-day payments – with 55% of mobile payment users confessing to using it in their daily purchases – the amounts do not usually exceed €50. According to the report, 80% of transactions are below that figure, in line with data from the previous year.

As for products and services, more than half (50.7%) of the purchases made by those who use mobile payments are for food products, according to the study. On the other hand, and in a year of gradual recovery in hospitality and leisure, marked by reopenings and relaxation of restrictions, almost a third of mobile payments went to this sector, according to those surveyed.

Anthony Garcia CruzCEO of Pecunpay, Pecunpay -commercial brand of the electronic money entity Pecunia Cards EDE- has indicated in relation to this study: “Digitization in payments has grown at higher rates than expected, in part due to the pandemic situation that we have experienced in recent years. In addition, we see how double authentication processes have led to a much more secure and reliable environment, even when they have been detrimental to the user experience in payment.”.

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For its part, Eduardo Prieto, General Director of Visa in Spain, acknowledges that “It is true that the mobile phone is progressively gaining ground as a device for making payments, but I am convinced that in the coming years we will see more connected devices that will allow consumers to make their payments quickly, easily, safely and without a physical card. We will see how the payment experience will be so integrated into everyday life that the method with which we make the payment will be practically imperceptible to consumers.”.

Trust and acceptance, among the great challenges of the sector

Despite the fact that systems such as tokenization, biometrics or PIN authentication -among others-, aim to prevent fraud, there is still reluctance about the security of mobile payments among those surveyed, and more specifically among those who still do not use this method, where this aspect is what most worries more than a third.

And to continue consolidating in our country, acceptance is also one of the challenges of this payment method. Especially in sectors such as urban mobility, small businesses or Public Administration. Almost two thirds (57.8%) of mobile payment users underline in this report that they would like to find more acceptance of this method in public transport and almost 30% lack more presence of this option in small businesses.

On the other hand, and to a lesser extent, they also point out the need to incorporate this payment method in the Public Administration and in the tourism sector to respond to these new consumption patterns and contribute to the growth of sectors as relevant to the national economy as It is the tourism industry.

Young people, those who pay the most with their mobile

Young people are the ones who most choose the mobile phone as their favorite means of payment and it is especially successful in the 18-29 age group. At the other extreme are the seniors: more than 45% of those over 60 who participated in the survey state that they do not like paying with their mobile phones.

By region, people from Extremadura are the ones who say they use mobile payments the most, closely followed by people from Andalusia, the Canary Islands and people from Madrid.

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