Spain Profile: Spain’s Pace of Change to Achieve Digital Financial Transformations

03 Nov, 2020 . 4 minutes



Spain’s population was estimated at 46.6 million by the end of 2019. Ecommerce users from the 17-years-to-30-years group make 3.7 purchases per year, 31 years to 45 years make three purchases a year and the 46-to-65 group make two purchases. Meanwhile, the average annual online spend per capita is 1,306 euros and is below the average Europe spend of 2,186 euros per capita.

Internet penetration is 87 percent. Sixty-one percent of cross-border shoppers mostly buy from China, the UK and Germany. Mobile penetration in Spain is at 69.5 percent and m-commerce has a 38 percent share of ecommerce sales - or 11.5 billion euros. Spain’s fintech adoption rate has also accelerated by 56 percent as of end-2019 compared with a global average of 64 percent. The rapid adoption of the latest technologies that help to cut costs and improve operational efficiency is shaping the dynamic payment market in Spain. By last year, Spain's fintech numbers increased by 16 percent. The pace of change in the Spanish payment ecosystem will also gain strength through more existing online payment platforms to overrun on the international level.




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