The global payment platform Adyen has unveiled in his first Adyen Payment Methods Report 2022 how the offer and preferences of multiple payment options have evolved. This study has taken into account both consumers and retailers in Spain. It reveals how, while credit cards remain the preferred payment method for consumers, ewallets have more and more prominence in the Spanish market. These account for 16% of transactions and is a favorite method for 1 in 4 Gen Z consumers (27%).
Adyen conducted surveys of more than 400 companies and more than 1,000 consumers in the Spanish territory. Therefore, the study allows us to understand payment preferences by age in the market. It reveals that the payment method par excellence, regardless of the consumer’s age, continues to be the credit/debit card. It is the most used by the Baby Boom generation (90%), followed by Generation X (83%), Millennials (81%) and, finally, Generation Z (76%).
Despite this, ewallets or digital wallets have also gained prominence in the market. This is largely due to the greater comfort and simplicity that they provide at the time of making the payment. Here lies the main advantage that businesses and companies can obtain when they integrate an ewallet in their means of charging customers. According to the study, Generation Z (from 18 to 26 years old), feels safer paying through digital wallets. Some examples are Apple Pay, Google Pay or Samsung Pay (22%). It is worth mentioning that it is closely followed by generation X (16%).
However, this payment method is still one of the least used by Millennials (13%) and the Baby Boom generation (10%). This growth implies that Spanish companies are adapting more and more, offering multiple payment options to face the challenge of digitization.
Regarding the options offered by businesses, Generation X and Baby Boomers are the most demanding with the offer of payment methods. These consumers are the ones who have abandoned a purchase the most in businesses that did not have the technology they normally use to make the payment, such as contactless or electronic wallet (31%).
Almost half of consumers want to pay with a single click
The offer of various purchasing methods is a reality for the user and in general for the market. Regarding this new way of understanding the transformation of payments Juan José Llorente, Country Manager of Adyen in Spain and PortugalExplain: “The data extracted from our analysis shows an evident intention to make a transition towards a more digital, more agile and, ultimately, more customizable system. An environment where, from digital natives to baby boomers, they already demand a transformation from companies in parallel with their demands as consumers”. This explains why there is an increasing commitment to innovation and technology to improve the shopping experience and be able to adapt to the payment options most in demand by customers today.
This is demonstrated by the Adyen study. According to this, almost 5 out of 10 companies in our country offer ewallets as a payment option to their customers (48%). On the other hand, 5 out of 10 respondents (48%) want their payment method to offer the possibility of paying with a single click. And 4 in 10 consumers (43%) say they use digital payment methods whenever they can because they have no reason not to. This new payment format, however, supposes for 2 out of 10 customers (21%) a threat of losing control over what they spend. Regarding the most relevant options, 1 out of 3 businesses (33%) considers it important to offer digital options to pay.
The tendency of the credit card as the preferred payment method is also reflected in the average cost per customer in stores. It is the most used option for almost 9 out of 10 consumers (86%). This is followed by payment with digital wallets, where 5 out of 10 consumers use it to make purchases (48%). Next would be payment via app and bizum, which is another method with which 4 out of 10 customers pay in stores (45%).
Although there is still a long way to go, it is tremendously satisfying to see how, given the great challenge that digital transformation represents for companies, the evolution of the offer of different forms of payment is among the main priorities of the Spanish industry, where For example, 5 out of 10 businesses already offer digital wallets (48%), which demonstrates great adaptability towards new generations of consumers or foreign visitors. This will become a key tool for consumers to place more and more trust in companies.
John Joseph Llorente.