The report forecasts a decline in card growth for 2020
E-commerce in Spain is expected to grow by 18.5% at an annual rate in 2020, compared to the previous estimate of 13.1%, according to GlobalData.
The report states that Spain’s reliance on the tourism sector has damaged the economy and payments industry during the pandemic. Spain’s travel and tourism industry accounts for 12% of its GDP, meaning it is an essential part of the economy.
Nevertheless, bars and restaurants reopening will provide a significant boost.
Despite consumers are moving towards card payments, it will be outweighed by an overall decline in consumer spending. This way, the transaction value of card payments is forecasted to grow by just 1% in 2020, compared to 9.9% previously.
We’ve reported that mobile payments in Nigeria have grown by 391% since May 2019.