Spain
Spain, a developed country in the European Union (EU), has a highly diversified and industrialized economy, with strong sectors in manufacturing, services, and digital infrastructure. The country has emerged as a leader in digital transformation, with a robust online payment system, digital banking, and advanced digital payment providers that support its economic ecosystem. Despite economic disruptions caused by the COVID-19 pandemic and the Russia-Ukraine war, Spain is expected to experience moderate economic growth in 2024, bolstered by its innovative financial technology (FinTech) landscape.
In 2023, Spain's real GDP grew by 2.5%, driven by a robust labor market, strong domestic demand, and the increasing adoption of digital payment solutions. Major online payment providers have significantly contributed to the country's economic resilience, facilitating seamless digital transactions across various sectors. The Spanish economy is projected to grow by 2.1% in 2024 and 1.9% in 2025, supported by domestic consumption, investments under the Recovery and Resilience Plan (RRP), and the continued expansion of its digital payment infrastructure.
Inflation in Spain is projected to decrease from 3.4% in 2023 to 3.1% in 2024, and further to 2.3% in 2025 as energy prices stabilize and underlying price pressures moderate. The unemployment rate of 12.2% in 2023 is expected to decline to 11.6% in 2024 and 11.1% in 2025, partly supported by the growing digital economy and innovative payment systems that create new economic opportunities.
Spain's fiscal deficit is anticipated to decrease from 3.6% of GDP in 2023 to 3.0% in 2024 due to the phase-out of energy-related subsidies and favorable revenue developments. The country's advanced online payment providers and digital financial infrastructure have played a crucial role in improving economic transparency and efficiency. The debt-to-GDP ratio is expected to gradually decline, reaching 104.8% in 2025, reflecting Spain’s strategic approach to economic management and digital transformation.
Top banks
Santander
Santander is among the largest banks in Spain, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Santander delivers reliable and professional Spanish banking services.
BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a top global financial group headquartered in Spain, founded in 1857. Operating in over 30 countries, including Portugal, BBVA provides comprehensive banking and financial services, including retail banking, corporate banking, investment banking, wealth management, and digital banking. Known for its focus on digital transformation and sustainability (ESG), BBVA delivers trusted and professional Spanish and international banking services.
CaixaBank
CaixaBank is a major player in the Spanish banking sector, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, CaixaBank delivers trusted and professional banking services in Spain.
Bankia
Bankia provides a wide range of banking and financial services in Spain, serving both retail and corporate clients. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Bankia delivers reliable and professional Spanish banking services tailored to your financial needs.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Top payment methods
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
The Spanish economy is poised for recovery, supported by a diverse payment landscape and a robust financial sector. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Efectivo)
Cash remains a widely used payment method in Spain, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash continues to play a significant role in the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive in Spain, with major card networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods has been particularly strong, driven by convenience and technological advancements.
Bank Transfers (Transferencias Bancarias)
Bank transfers (Transferencias Bancarias) are widely used in Spanish-speaking countries for business payments, real estate transactions, utility bills, and salary transfers. The banking system supports secure domestic and international transfers, including online banking, wire transfers, and electronic funds transfers (EFT). These services make financial transactions fast, safe, and convenient for individuals and businesses.
Mobile Payments
Mobile payment options, such as Apple Pay, Google Pay, and local apps like Bizum, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions. These platforms offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards can be used for online shopping and everyday purchases.
Cryptocurrencies
Cryptocurrencies are slowly being adopted, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving to accommodate the use of digital currencies, though widespread acceptance is still developing.
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