Forecast: Number of Cards with a Payment Function in Spain

The number of cards with a payment function in Spain has shown considerable fluctuations over the years. As of 2023, the volume stood at 88.35 million units, marking a 1.29% increase over the previous year. Historically, the market experienced a steep decline of 15.81% in 2020, likely due to the pandemic, followed by a substantial recovery in 2021 with a 28.25% increase. Over the last five years, the compounded annual growth rate (CAGR) was modest at 0.99%. Moving forward, forecasts suggest a steady growth with the number of cards expected to reach 94.48 million units by 2028, averaging an annual growth rate of 1%.

Future trends to watch for:

• Impact of digital payment technologies and the potential decline in physical card usage.
• Consumer behavior shifts toward contactless and mobile payments, especially post-COVID-19.
• Regulatory changes that could influence market dynamics.
• Technological advancements in secure transaction methods (e.g., biometric cards).