Contactless payments will rock by 2026

Contactless payments will rock by 2026

Our last analysis is about the evolution and possibilities of contactless payments. Spain ranks third with the highest number of contactless payments through different devices in Europe, behind the UK and France and ahead of Germany. 

According to the report, Europe will record 61.816 billion transactions in 2026, a figure that will grow at a year-on-year rate of 17% in the coming years. 

Regarding the value of the millions of contactless transactions (cards, mobile, wearables) carried out, it is expected that 2021 will close with a volume of €41,862M in Spain. As the volume of transactions grows, the amount will rise to €63,974M in 2026. 

Spain & mobile wallets

There are currently 14 million users in Spain who use different mobile payment applications to make purchases. By brands, HCE Wallet (Host Card Emulation) has the most users, a total of 6 million. It is followed by Apple Pay and Google Pay, with 3 million users respectively, and Samsung Pay, 2 million. 

In addition, by 2026, the total number of mobile contactless payment users is expected to reach 31 million. In this timeframe, Apple Pay, Google Pay and Samsung Pay will triple the volume of users, unlike the more generic HCE Wallet, which is expected to shrink its base to 2 million. The three giants will account for 93% of all users.

Let’s analyse the total number of contactless transactions according to the device used (cards or mobile). We can state that cards lead this type of transaction, with a total of 2,136 million transactions in 2021 in Spain, compared to 459 million transactions via mobile, which will move €5,434 million. Together with the growing mobile payment adoption, this figure will soar to 1,161 million transactions in the next five years, with a volume of €15,195M. The average spend of a Spaniard per contactless transaction made via mobile will be €13.

According to Roberto Monge, Chief Operations Officer at Telecoming, the figures demonstrate “the great acceptance of contactless payments in the region. The adoption, driven by mobile devices and wearables, is a clear sign of the changes in consumer habits, which place mobile at the forefront of digital payments”.

Telecoming is happy to share these figures … and much more! Stay tuned!