The new regulations around Open Banking and, in particular, the PSD2 in Europe, are promoting a transition towards the data economy, an evolution towards the valuable information that is the basis of the digital economy, according to a new report. of Minsait on the evolution of means of payment.
The document identifies two lines of solutions that will mark 2019. On the one hand, QR codes and cash-back will reappear and, on the other, there will be many initiatives around digital wallets, instant payments, electronic money and pilots on digital identity based in blockchain. These are initiatives that will make it possible to advance in business models that allow exploiting existing data structures (traditional and new) through disruptive technologies, such as Big Data or Data Science.
The future of the means of payment will also be conditioned by the introduction of new modalities of digital banks in Spain. In this sense, the report highlights that the association of banking entities with Fintech specialized in the provision of consumer finance, as well as with giants from the Asian market is intensifying.
The use of both online and offline cards grows
On the other hand, Spain shows a high proportion of online shoppers (98% of the banked population with Internet access), which have almost tripled the turnover since 2012. Four out of ten users shop online every week, thanks to who perceive a high level of security in these transactions.
According to the report, the unstoppable growth of e-commerce in all countries also acts as a great catalyst for the digital transformation, as it will lead to new forms of online banking and the necessary omnichannel payments.
Credit or debit cards are still the vehicle of purchase par excellence in the network. It is noted that the use of cards as a means of payment continues to grow, although it has ample room for improvement that could be overcome by a diversified incentive policy. In fact, they are the means of payment that generates the greatest number of transactions (almost 3,500 million in 2017, 65.1% of the total in the country), but they represent only 6.6% of the value of the operations.
The use in physical stores also grows. “There is a trend in Spain that intensifies the use of cards as a means of direct payment at the point of sale (POS) as opposed to withdrawing at ATMs, although at a very slow rate,” the study says.
On the type of cards, debit cards prevail over credit. “Spain is a debit country in terms of the use of cards. The use of credit has barely grown 13% since 2012, while the debit has done it by almost 130% per hundred, “concludes the study.
Also published on Medium.