The installment purchases they are the favorite payment method for one in three Spanish buyers, according to the 2022 payment methods report in Spain carried out by the payment platform Adyen.
This report, which has been developed based on surveys carried out with more than 400 companies and more than 1,000 consumers in Spanish territory during the second fortnight of the month of February 2022, allows us to see how payment habits in our market have been evolving, this as a direct consequence of the changes experienced during the last two years. Similarly, it makes visible the evolution of the offer of multiple payment options, both for consumers and retailers.
Among its main conclusions, the study projects a progressive growth of purchases through , which already represent 5% of consumers due to the influence of the market, in addition to the options of payment postponed are making their way at a good pace among user preferences (1 out of 3). On the other hand, the security appears at the top of the concerns of Spaniards when buying online (9 out of 10).
In search of safer payments and the convenience of terms
Both the experiences of the last two years and technological progress have shaped the current profile of the average Spanish consumer and have caused great changes in their way of understanding payments, making security a priority and seeking incentives and payment options. deferred payment as extras to assess.
With regard to the new digital payment methods, although there are 43% of consumers who use them to carry out their purchases, there are about 20% of Spaniards who are reluctant to use them either because they say they do not want to lose control of what they spend or because they do not generate the necessary confidence.
The Credit or debit card It is the most popular option (84%) next to cash (65%). As for other digital options like PayPal (61%) have been gaining popularity, as well as other methods such as Apple Pay, Google Pay, Samsung Pay (16%).
On the other hand, other less demanded options, such as deferred payment, have not been fully considered as the alternative among the generation, due to their employment or economic situation.
However, the number of people has now been increasing, specifically a 33%, who consider it a fundamental requirement to have this form of payment in installments. And, when analyzing this payment method by sectors, it can be seen that where it is most used is in items such as household appliances (24%), electronics (19%) and travel (15%).
The price of security: authentication via SMS and biometric systems
The growth of e-commerce, the various payment method offerings, and the uncertain economy have, of course, provided a new doorway for fraud. Consumers now prioritize their security above all else when selecting their preferred payment method (through SMS double authentication or biometric systems).
Specific, 9 out of 10 consumers especially value that the transaction is safe when paying. For their part, almost half of the Spanish companies surveyed consider fraud as one of the biggest challenges to face in 2022.
In fact, combating fraud has become an essential incentive for businesses with a view to retaining the user when choosing a payment method and this is considered by 48% of those surveyed in this study. But despite technological advances, and the fact that Paypal is considered the safest method for Spanish consumers, many of them continue to mistrust these options and prefer to play it safe, using other payment methods such as cash (52%) or the credit card (62%).
Digital transformation, the biggest challenge for Spanish companies
The data extracted in this Adyen analysis reveals the intention of making a transition towards a more agile and customizable digital model by Spanish companies, where 8 out of 10 consider that it is important to adapt to foreign trade. For this reason, over time they have been adopting innovation and technology in their transformation in order to be able to approach the demands of foreign tourists and the progressive digital demand of their local clients in order, in this way, to offer the payment experience of both still more personalized and in a safe environment.
According to the National Markets Commission, sales from abroad with Spain stood at a turnover of 1,280 million euros based on data extracted from the second quarter of 2021. To highlight, the areas of activity related to the tourism sector are the ones that account for 47% of purchases from abroad with Spain. This means that e-commerce revenue within Spain They have risen by 14.5% year-on-year to reach 4,372 million euros.
For its part, the average online spending of the Spanish consumer in 2021 is approximately 2,336 euros, which is 11% more than in 2020 according to data from the
This means that 8 out of 10 Spanish companies state that ehe main method offered to its customers is the credit card, while half also offer payment in installments/financing (50%) and digital wallets (48%).
They are followed by other payment methods such as bizum (38%) or one-click purchase (29%). While purchases with chatbots (11%) or through social networks (14%), are the two forms of payment that are offered to a lesser extent.
Despite technological advances and the emergence of new options for making payments, there is still much to be done when it comes to raising awareness within Spanish companies. Only 3 out of 10 companies consider it very important to ensure that they can make available to their customers all the payment options they want to use.
Of course, one of the biggest challenges facing Spanish companies is adapting to the digital transformation in terms of payment methods according to 50% of those surveyed. It is followed in second place by fraud and security (43%) followed by its relationship with clients (37%).
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