Spain’s tourism industry is booming, and a growing number of consumers are turning to ‘buy now, pay later’ (BNPL) services to fund their trips. A recent study by Kantar for FLOA found that 60% of Spaniards use BNPL, surpassing the European average of 57%. The figures are even higher among travelers, with 40% using BNPL to finance their vacations, compared to the European average of 38%.
BNPL Takes Flight
FLOA’s partnership with Iberia Cards, the financial arm of Iberia Airlines, has been a major success. The deal, which was struck a year ago, allows customers to pay for flights in installments. This move has not only benefited customers but also cemented FLOA’s position as a key player in the tourism sector. The benefits are clear: 75% of Spanish consumers who use BNPL say they would switch to a different retailer if it offered installment payments.
FLOA’s partnerships extend beyond Iberia Cards. The company has teamed up with other major players in the Spanish tourism industry, including:
- Ávoris, the travel division of the Barceló Group, which includes brands like B Travel and Halcón Viajes
- World2Meet, a global provider of tourism services owned by Iberostar
- Muchoviaje, one of the leading online travel agencies in Spain
Alexandre Carrera Lejeune, head of FLOA Iberia, said: “We’re proud to be expanding our network of partners in the tourism sector with top companies like Iberia Cards, World2Meet, and Muchoviaje. Our technology and expertise will help them meet the growing demand for flexible payment options.”