Card payments in Spain are on track to top $550 billion dollars by 2029, as near-universal access to bank accounts, broad merchant acceptance and the continued shift to contactless transactions accelerate the move toward electronic payments, data provider GlobalData forecast.
The value of card payments is expected to grow at a 5.9% compound annual rate to reach 505.4 billion euros ($550.6 billion) in 2029, GlobalData said, citing trends including expanding e-commerce activity and upgrades to payment acceptance infrastructure.
Card payment value in Spain rose 6.7% in 2025 from a year earlier to 401.3 billion euros ($437.2 billion), GlobalData said, attributing the increase to stronger consumer spending, wider use of contactless cards and growing online retail activity.
“Despite electronic payments gaining traction in the Spanish payment landscape, cash remains the preferred method of payment with card being a major beneficiary,” Ravi Sharma, lead banking and payments analyst at GlobalData, said in a statement.
He said rising financial awareness, growth in card acceptance infrastructure and the expansion of digital-only banking services were helping drive adoption, while contactless technology was expected to further reduce cash’s share in the economy.
Debit cards accounted for 60.7% of total card payments in Spain in 2025, GlobalData said, supported by broader card awareness and banks offering products tailored to different consumer groups.
It added that the spread of digital-only banks is complementing traditional lenders and pushing banking and debit card usage higher.
Credit and charge cards made up the remaining 39.3% in 2025, helped by demand for rewards, cashback and instalment features, GlobalData said.
Those value-added benefits have contributed to faster growth in credit card volumes and values compared with debit cards, it added.
Banks and financial institutions are also rolling out multi-function cards that allow consumers to use a single card as debit, credit or charge, GlobalData said.
It pointed to Klarna’s launch of a Visa-branded debit card across Europe in September 2025, including Spain, which allows users to convert purchases into “Pay in 3”, “Pay Later” or longer-term financing through the Klarna app.
Payment acceptance is also evolving, GlobalData said, citing Revolut’s rollout of point-of-sale terminals for retail and hospitality in March 2025 and Adyen’s offering of Apple’s Tap to Pay on iPhone in Spain, enabling merchants to accept contactless payments via cards and mobile wallets.
Spain’s steady card-payment growth suggests room for issuers and payment processors to compete on features – rewards, budgeting tools and embedded instalment options – rather than access alone, as acceptance becomes increasingly ubiquitous.
But GlobalData flagged macro risks that could temper spending and transaction growth, including Europe’s economic slowdown, geopolitical uncertainty and rising trade tensions, which may pressure consumer demand even as the payments infrastructure modernises.
