6 min read 22.12.2021 66
Banks In Spain - online, digital, and traditional banks
Let’s take a look at how banking has changed over recent years in Spain and how you can make sure you always choose the right option for you, no matter what situation you find yourself in.
6 min read 22.12.2021 66
Mobile banking in Spain
Mobile banking will likely become a more widely used form of payment when it becomes an integral part of e-wallets or other forms of cashless payments. Although it seems as though people pay with cards more often than they do with cash, cash remains a widely accepted form of payment, accounting for 35% to 40% of all transactions in 2016.
Spanish consumers will likely begin favoring mobile wallets over cards if they can be used to make payments at bus stops, parking garages, gas stations, and other places where credit cards are not usually accepted. Some cities are currently testing out mobile payments by allowing passengers to pay their transportation fares using online-only banks.
E-wallets in Spain
E-wallets have gained popularity across Europe, with many traditional banks releasing their own apps for consumers to pay for goods and services digitally. In a world that’s quickly adopting electronic payments, e-wallets offer another way to complete transactions online or on mobile devices. For example, a person could open an account at Caixabank but still use its e-wallet service instead of visiting a physical bank. An added benefit of e-wallets is they require less personal information than credit cards or payment apps like Paypal, making them appealing to people who don’t want their data sold by other companies or potentially lost by third parties. E-wallet services also let users store money abroad securely—sometimes even outside of their home country.
Paypal is the most-used digital wallet in Spain; you can use it to buy goods, transfer money, and send payments. You can even use it to make person-to-person payments or transfer money internationally.
Another major e-wallet service; you can use it to make transfers and payments, and to buy things online. It’s a secure, affordable way to pay bills or make international payments. You can even send money via SMS if you don’t have internet access.
An e-wallet from Caixabank that lets users make transfers, receive salaries, and pay bills electronically; it works like cash with over 30 million locations accepting it across Europe.
Traditional banks in Spain
Some of the biggest traditional banks in Spain include Banco Santander, BBVA, Caixabank, and Banco Popular. These giants are most affected by new forms of payments because they’re market leaders that have a great deal to lose. Santander has traditionally been one of Spain’s largest businesses, with nearly 32 million customers across 22 countries and close to 200,000 employees – but these numbers pale in comparison to mobile payment solutions like Transferwise or Paypal.
Challenger banks in Spain
The biggest trend affecting banks in Spain is, by far, fintech startups, or as they are also known neobanks. Many of these new startups are changing not only how Spaniard banks but also how they pay for goods and services. In 2022, it is predicted that electronic money will be a reality and integrated into our lives. We will never have to visit a bank again! Banks across Spain are trying hard to innovate and maintain their relevance as younger generations seek new ways to manage their finances.
Some of the most popular neobanks in pain include:
Bunq is one of Europe’s leading neobanks, backed by ING, part of an international network with over 40 million customers.
Openbank is an challenger bank that focuses on making payments, savings and investments easier and more profitable for its customers. The company works with more than 3 million customers across Europe and manages 15 billion euros of assets.
Monese is a neobank that aims to provide financial services to everyone around the world, at an affordable price and simple design.
N26 is a mobile-first bank that offers international payment, travel money, and personal finance features to over 400,000 customers in 24 European countries.
Revolut is a financial technology company founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. In October 2017, it had 2 million customers using its application and 800 thousand people using its prepaid card services.
Yomo is a Spanish fintech company based in Barcelona that offers a mobile savings platform for people to save without risk.
Bnext is a fintech company based in Madrid with a strong focus on mobile banking services.