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Learn more24 pages, Nov 2018
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Despite the strong competition from debit cards, personal charge cards registered current value and transaction growth for the third consecutive year in 2018. Charge cards, like debit cards, benefited from the shift away from cash payments.
Commercial charge cards also increased in volume and current value terms in 2018. This was due to government efforts to fight money laundering and the “black” economy.
The rapid entry of fintechs in a market that was dominated by banks several years ago is paving the way for the digital transformation of banking services through the development of mobile payments and payment solutions via wearables (watches). Fintech companies offer products and services to their customers in a quicker and easier way than traditional banks, which led the banks to engage in developing “smart” platforms (La Caixa, Santander and BBVA are leading the digital banking transformation in Spain) to offer financial services.
American Express’s share of charge card payments in Spain fell during the review period. Amongst the reasons is that it is a bank under regulation by the US Federal Reserve Bank, and thus has a lower capacity to adapt to the rapid changes that are taking place in terms of payment methods in Europe compared with Visa and Mastercard International.
In 2017, most share in the Spanish market in terms of cards in circulation and value sales in charge cards was held by the operators Visa, Mastercard International and American Express. Visa remained the leader in 2017; however, in 2018 a new enterprise between the three Spanish payment systems Servired, Euro 6000 and 4B launched a new card in the Spanish market.
Although the benefits of issuing charge cards are not as high as those for credit cards or consumer loans, the competition in this category is intensifying. Most of the time, when issuing a card to a customer (a charge card, for example) the issuer has an opportunity to convince the customer to acquire more products.
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Discover the latest market trends and uncover sources of future market growth for the Charge Card Transactions industry in Spain with research from Euromonitor's team of in-country analysts.
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Euromonitor’s industry reports, including Charge Card Transactions in Spain, originate from our database within our Consumer Finance market share and market size database
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.