The number of cards with a debit function in Spain was 47.97 million units in 2023. Since 2013, this market has experienced considerable fluctuation, with significant growth between 2017 and 2018 marking a notable increase of 74.81%. However, there was a downturn in 2019 and 2020, reflecting year-on-year declines of over 10% and 14% respectively. The market recovered in 2021 with a growth of 30.6%. The past two years saw more stability, with a modest decline in 2022 of 1.84% and a slight increase of 2.92% in 2023. Over the last five years, the compound annual growth rate (CAGR) was a modest 0.38%. The forecast for the next five years shows a healthier growth rate of 2.16%, with an overall increase of 11.26% by 2028.
Future trends to watch for include the impact of evolving digital payment solutions, regulatory changes, and economic conditions on the growth of debit function cards, as well as the potential of emerging technologies to influence consumer preferences towards alternative payment methods.