Spain is one of the most digitally advanced countries in Western Europe, which is reflected in its high mobile internet penetration. 3G coverage in the country covers almost 100% of the population, with more than 90% having 4G coverage (according to data from the Spanish statistical institute – INE).
There is a high penetration rate for mobile phones in Spain, with it being estimated that around 95% of young Spaniards have smartphones. The heavy smartphone usage in the country is having a positive impact on the rapid development of mobile payments both in proximity and remote environment.
All of Spain’s major banks have developed their own digital wallets. Some of these are linked to the platforms of leading technological giants such as Apple Pay and Samsung Pay, while Banco Santander offers its account holders as many as six different mobile payment platforms.
Consumers in Spain are becoming increasingly open to the idea of using connected devices, with the number of users growing rapidly in the last two years of the review period. These connected devices are primarily being used as a tool to control electricity and gas consumption at home, for health services or for car sharing services.
The measures introduced to control the spread of COVID-19 in Spain resulted in the increased usage of online and mobile banking services during 2020, with many consumers unable or unwilling to visit their bank in person. A recent survey by Mastercard showed that in 2020, 71% of the bankable population in Spain had used online banking, with 73% of these consumers also being mobile banking users.
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