Spain’s journey into Open Banking started later than its European peers, with PSD2 implemented in early 2019, nearly two years after the EU deadline. Despite this slow start, Spain has experienced a remarkable surge in Open Banking adoption in recent years thanks to broader digital transformation, regulatory support and growing consumer trust in digital payments.

While Spain traditionally favoured cash and cards, the digital payment landscape is changing fast. Cards accounted for nearly half of all transaction value in 2024, and the growing digital savvy of Spain’s population is accelerating demand for innovative payment options.

Spain has also benefited from a high digital engagement. More than half the population uses electronic ID (eID) and 83% are active users of e-government services, reflecting increasing trust and familiarity with online systems. Spain ranks #7 on the EU’s Digital Economy and Society Index, up five places since 2021.

Forecasts show online banking penetration in Spain could exceed 90% by 2029 as infrastructure and user adoption improve. Additionally, upcoming EU regulations like SEPA Instant Payments and PSD3 promise faster, more secure payment processing and better APIs, which will further encourage Open Banking usage in Spain and across Europe.

As of Q1 2025, Spain had 171 registered third-party providers (TPPs), with 157 being cross-border, placing Spain just outside the top 5 EEA markets for TPPs. Spain also leads Europe in real-time payment readiness, with 79% of SEPA participants using SCT Inst and nearly half of all credit transfers processed as instant payments.

Ambitious government initiatives such as "Digital Spain 2025" and national digital skills plans have underpinned this rapid transformation, supporting both public and private sector digital adoption.

Businesses, especially payment service providers and merchants, must ensure they are prepared in order to gain from reduced payment failures, faster settlement times, and more secure customer authentication processes enabled by newer regulations such as PSD3. This results in smoother customer experiences, lower friction in transactions, and greater trust overall. As Spain’s Open Banking environment matures, businesses will find compliance easier and payment processes more efficient, helping to attract and retain customers in a digital-first economy.

For Spanish consumers, broader Open Banking adoption means increased choice, convenience, and control over their finances. They can access personalized financial products, use seamless account-to-account (A2A) payments, and benefit from improved budgeting and subscription management tools powered by open banking data. This increased control bolsters financial inclusion, particularly for younger demographics transitioning away from cash.

The Spanish PSD2 market has turned from what seemed like a slow start into a rapidly emerging Open Banking success. The widespread benefits for consumers, businesses, and the broader economy position Spain as a promising Open Banking leader in Europe.

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