1 in 3 Spanish customers prefer paying later
A whopping 30 percent of Spanish customers now prefer to ‘buy now, pay later’. Paying in installments is especially popular for electronics and travel. Overall, credit card, debit card and PayPal are the biggest payment methods in Spain.
These are some of the most important conclusions from the new Adyen Payment Methods Report, on which Ecommerce News ES reported. The research, commissioned by the major payment processing company, interviewed over 400 companies and 1 thousand consumers from Spain last month.
30% of customers want to pay later
According to the report, the number of people that prefer ‘buy now, pay later’ (BNPL) is on the rise. Currently, as many as 1 in 3 Spanish shoppers prefer paying by installment. Purchase on account is used most often for household appliances (24 percent), electronics (19 percent) and travel (15 percent).
The European BNPL-industry is expected to grow 30% per year.
Spain seems to follow in Germany’s footsteps, where purchase on account has been the most used payment method. BNPL is growing more popular in Europe as a whole. The industry is expected to grow an annual 30 percent in the next few years, according to a recent market report.
Only 5% shops on social media
Credit card and debit card are the most used payment options in Spain, the research found. Over 80 percent checked out with a card, while 65 percent paid in cash.
Credit card and debit card are the most used payment options.
In addition to these traditional methods, digital payments are gaining ground. The biggest being PayPal with over 60 percent of payments. Surprisingly, only 5 percent of Spanish shoppers buy via social media. To compare, in the Netherlands 3 times as many customers shop on social platforms.
The most popular methods are also considered the most secure by Spanish customers. PayPal feels safest (63 percent), closely followed by credit card (62 percent). Cash payment takes third place, with around 50 percent of shoppers feeling safe using it.
Nearly 70% does not like personalization
Although there are more possibilities for personalized payment, such as personal discounts, nearly 70 percent of Spanish customers do not like it. Instead, they prefer to enter their payment information for each purchase, possibly out of a feeling of safety. Only 17 percent want retailers to save their payment of choice for a next time.