Do you want to know more about the world of payments in Europe and Spain? Worldpay from FIS performs annually The Global Payments Report, a report that gives us information about payments around the world. In this seventh edition, Worldpay from FIS takes into account the new reality of payments, from the dissolution of traditional banking borders and their new rules, to the new ways of moving money and how this impacts the way we consume. Including the doors it can open to new opportunities.
EUROPE
In 2021, the European eCommerce market grew by 11% YoY and is expected to extend at a CAGR of 11% through 2025. The highest growth percentages for 2025 are forecast to be from Turkeywith a compound annual growth rate (CAGR) of 25%, but solid growth is also expected for the same year in Italy (16%), Spain (13%) and Sweden (fifteen%). By 2025, more modest annual growth rates are projected for Europe’s largest e-com markets, such as France (9%), Germany (9%) and the UK (6%).
As a historic leader in payment innovations, the European community remains home to many of the solutions at the forefront of change in global payments. Europe, with 45 markets, each with its own unique combination of regulatory, demographic and economic variables, is a source of payment innovation. The intentional pattern of diverse organic solutions in Europe is a microcosm of the global payment landscape.
SPAIN
Digital wallets continue to be the predominant means of payment in e-commerce among Spanish consumers. With PayPal, BBVA Wallet and Apple Pay at the head, digital wallets represented 30.3% of e-commerce transaction value in 2021, and that number is projected to rise to 36% by 2025. The cards held up solid; credit cards (28.3% in 2021) are expected to have a slight increase, while debit cards are projected to decline slightly (18.5% in 2021) by 2025. bank transfers will decrease from 15.3% to 12% between 2021 and 2025. Digital wallets will see the greatest growth in POS, where the figure is projected to almost double, from 7, 6% to 15% by 2025.
As part of the SEPA region, Iberpay offers real-time payments through SCT Inst to 97% of Spanish banks, which connects participants with EBA Clearing’s RT1 and Eurosystem’s TIPS for coverage of the region. In parallel, the Bizum service offers real-time payments from mobile devices.
Mainly intended for credit transfers and retail e-commerce payments; users can make direct donations (to 4,500 NGOs), B2P payments, payment requests, and QR code payments. In 2020, Bizum doubled its user base to 13.6 million and 20 million users and 8,000 companies are expected by 2022.
PUSH PAYMENT LIMITS
The global report also comments on the new dynamics in digital payments.
CRYPTOCURRENCY
The Bitcoin is the original cryptocurrency That released in 2008. While it remains the most popular cryptocurrency, thousands of other digital assets exist today. When cryptocurrencies are involved, there is no centralized payment service. Depending on your role within the transaction and your motivation for using cryptocurrencies, the above can be either a positive or a negative. With no currency conversion required, cryptocurrency has proven to be a means of moving funds around the world in seconds and for a fraction of the costs associated with traditional methods such as wire transfer.
THE SUPER APPS
The super apps are the permanently open gateway to a new generation of immersive digital experiences, where data, artificial intelligence and the cloud are used. They provide users with a contextually relevant experience that goes beyond a single purpose or need, whether it’s making a payment or communicating with a friend. The rise of super apps raises competitive expectations around experiences for brands everywhere. These apps are forging a new future of commerce that redefines how consumers shop, pay and connect with brands.
INTEGRATED FINANCES
The embedded finances or integrated finances they are disrupting financial services by disintegrating the traditional lines between financial and non-financial companies. These empower businesses and consumers, in addition to generating changes in the strategic equation of financial institutions.
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