The cash is being relegated to the background before the strength of the digital payments. There are many Spaniards who prefer to use other alternatives, whether for security, comfort, payment registration or expense control.
PaynoPain, a Spanish technology company specializing in the development of online payment tools, presents the data from its survey “New habits in payment methods in Spain”, which shows how the habits of Spanish users have changed. So much so that today 92.5% of those surveyed in the PaynoPain studio no longer carry cash and the majority (88.4%) make their purchases online from their mobile device.
As for digital innovations, more than half of the Spaniards surveyed already have a wallet application, an electronic purse that allows its users to pay with their mobile phones without having to carry their card. Although 95.1% use it to pay daily, 17.5% do so to manage subscriptions, less than 5% to manage expenses and only 1.9% to reach their savings goals and guide investments.
The data demonstrates the preference of buyers for digital methods, however, these they are not chosen at random and behind each of them there are several demands from consumers, which are what make them the favorites of society, according to PaynoPain analysis:
Comfort
It has become an essential value when it comes to consuming. The buyer wants an experience focused on the fluidity of the processes and their simplicity. This is the main reason why 92.5% of those surveyed in the PaynoPain survey do not carry cash, for the simple reason that they find it more convenient to pay with a card. In addition to the fact that, in this way, the accounts are made automatically, thanks to the fact that most banks have a mobile application that shows income and expenses at the moment.
Safety
Currently, the method that provides the most confidence is the credit card with 82.9% of the responses. On the other hand, the double authentication method is the favorite protection system of those surveyed, with 47.9% of the answers. However, almost 30% of the participants state that they do not have a safeguard plan in case someone tries to steal their account data or assets, a somewhat worrying figure considering that cybercrime continues to exceed figures in 2022. For For this reason, it is of vital importance that businesses can offer the greatest possible security when making payments, since if a business is classified as insecure when paying, this bad reputation can be very detrimental to the development of activity.
Omnichannel
This is a relatively new and trending concept for 2022. Omnichannel, freedom given to the customer to choose how they want to carry out their purchase. Not all users are the same, so having a single payment method can be a complete nonsense. In fact, 77.4% of consumers who have participated in the named PaynoPain survey, seek to be offered different payment options. It is true that more and more businesses are aware of this and are implementing new payment methods in physical and online stores, such as Inditex with Bizum.
Applying these concepts to online stores is easier than to physical stores, but we must not leave the latter in the background. Of the consumers who buy in conventional stores, only 8% do so for security reasons, the majority (90%) seek to be able to physically see the product. Making the decision to buy online or in person is the task of the consumer, but it is the businesses that can contribute to this customer experience that consumers are looking for, adapting the space to their preferences.
“Customer experience is one of the key factors when it comes to winning buyers and retaining existing ones in a business. The moment of payment is a decisive moment for a consumer, where any inconvenience can cause him to cancel the purchase and not visit the store again. That is why it is important to be up to date with the new payment trends, the latest technologies and of course listen to our public, both what they need and what they are looking for”says Jordi Nebot, CEO and co-founder of PaynoPain.
