Mobile purchases currently represent 5.10% of the total transactions carried out using cards in face-to-face purchases, versus the 2.20% registered in the same month of 2018. Payments with smart watches or wearable devices amount to 100,000 users.
CaixaBank has reached one million mobile payment customers, a milestone that reflects the considerable growth of this system in Spain. Over the past twelve months, the number of CaixaBank customers making mobile payments has increased 87%, whereas the number of cards added to terminals has risen by 95% and currently exceeds 1.4 million.
„It is a significant percentage, and an increasing number of users are adding more than one card to their mobile phone to make payments. In addition, the number of people using their mobile for payments currently stands at 10.8% of the total number of customers with CaixaBank cards.”, according to the press release.
Exponential growth in the number of transactions
With regard to the number of transactions, the number of mobile payments is growing exponentially. CaixaBank customers have increased their number of mobile payment transactions by 171.9%, from 2.3 million in June 2018 to 6.3 million in June 2019. In total, the CaixaBank cards added to mobiles carried out 49.2 million transactions in the past year.
CaixaBank, Spain’s leading bank in terms of card payments, with a total of 17.24 million cards issued and market shares of 23.7% in purchasing turnover and 27% in turnover via POS terminals in stores, is also Spain’s market leader in mobile payments, where the share rises to 33.8%.
Juan Antonio Alcaraz, CaixaBank’s Managing Director, says, “2019 is the year in which mobile payment is taking off throughout Spain, a trend that is accelerating due to the growing importance of user experience as a significant success factor in any digital product.” Alcaraz also added: “CaixaBank is collaborating with large sector companies, such as a Samsung and Apple, to continue offering the best service before, during and after making a purchase. In addition to paying for their purchases, the customers’ interaction with the Bank via its CaixaBank Pay application and the complementary services to which it provides access are a crucial part of this growing phenomenon of mobile payments.”
Mobile payments provide customers with an enhanced experience when paying for their purchases. The CaixaBank Pay application provides the option of having all cards on a mobile phone and managing them in a quick and simple way, including functionalities such as activating or blocking cards or accessing the most convenient payment method (deferred payment, payment in instalments, etc.). It also provides access to new services, such as sharing expenses or resolving payment incendents.
CaixaBank Pay is integrated with Samsung Pay and Apple Pay on phones and wearable devices that are compatible with these services, providing an optimal customer experience. In addition, the Bank has launched a mobile payment service for smartwatch models that use Garmin Pay or Fitbit Pay. More than 100,000 customers are currently using wearable devices to make payments.
The Bank’s mobile payment customers have access to all the card services it has to offer, including the CaixaBankProtect guarantee, which protects the user against any unauthorised use of its payment methods.
CaixaBank is the leading financial group in retail banking in Spain and one of the most important in Portugal. It has 15.6 million customers in the Iberian market and boasts the peninsula’s largest branch network.
Technology and digitalisation are key parts of the Company’s business model, which has the largest base of digital customers in Spain (6.3 million). In addition, CaixaBank has developed projects that have marked technological turning points in the sector, such as the creation of the first cash machines that allow customers to perform operations through facial recognition without having to enter their PIN.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”