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Mobile payment: the view from Spain

​​Ignacio Bañó​n, Global Payment Systems Manager at BBVA, Spain's second largest bank, gives us his payment predictions for 2015
First published on January 16, 2015


"This will be the first year with a real presence of mobility payments, especially in some European countries and possibly in the US. Contactless point-of-service [POS] is already present in Europe - around 40% in Spain, for instance - and will become standard in the US this year, as most POS will be replaced with chip and PIN and contactless terminals.

"Once POS is contactless, the other part of the equation is the mobile wallet. Banks and other players are already offering NFC-based wallets to customers, but most are only available to Android users. Now iPhone users will come into the picture, too. Mobile wallets will explode in number and hopefully will offer a good experience to customers, adding more convenience, security - for instance, with tokenization and PIN-validated transactions - and promotions. For payments, the near future looks much more mobile now.

"Apple Pay will speed the adoption of mobility payments; few players have offered a convincing customer experience to this point. And it will help define standards, such as NFC technology that connects mobile phones with POS devices. Still, it will be some time until mobile payments gain a significant volume - for instance, only a small minority of POS devices are NFC-enabled - but Apple Pay will accelerate this.

"Established players like banks will need to adapt; those adapting fast will keep or even increase their presence. Those not adapting fast enough will lose presence. Other players hoping to play a key role in this area, like telcos, have a less clear future, as technologies of leading banks, such as BBVA's wallet, and Apple no longer need to partner with telcos."

TAGGED IN mobile payment; nfc; mobile wallet; contactless; spain