Dublin, Feb. 03, 2026 (GLOBE NEWSWIRE) — The “Spain Buy Now Pay Later Business and Investment Opportunities Databook – 90+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2026 Update” report has been added to ResearchAndMarkets.com’s offering.
The BNPL payment market in Spain is expected to grow by 22.0% on annual basis to reach US$11.75 billion in 2026. The buy now pay later market has experienced robust growth during 2022-2025, achieving a CAGR of 26.7%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 17.9% from 2026-2031. By the end of 2031, the BNPL sector is projected to expand from its 2025 value of USD 9.63 billion to approximately USD 26.73 billion.
Bank-led instalment schemes are expected to gain share as POS and wallet-based BNPL become mainstream. Fintech BNPL providers will likely remain strong in ecommerce but face higher compliance costs under new consumer-credit rules. Competitive intensity will increase as banks standardize instalments across all channels.
Current State of the Market
- BNPL in Spain operates in a hybrid structure, with bank-led instalment plans and fintech BNPL products coexisting. Domestic schemes such as Plazox and the upcoming Plazo Cero initiative from major banks (BBVA, Santander, CaixaBank, Sabadell, Unicaja, Ibercaja) are expanding instalment capabilities across cards and POS networks. Meanwhile, fintech players remain concentrated in ecommerce through PSP integrations.
- BNPL usage continues to grow within online retail, supported by merchants seeking conversion uplift and by PSPs simplifying checkout integration. Competitive intensity is shaped by regulated institutions scaling installment products while fintechs focus on flexible online-first experiences.
Key Players and New Entrants
- Fintech providers SeQura, Aplazame (WiZink), Klarna, and Alma remain central to ecommerce BNPL. SeQura has strengthened its position with broader merchant coverage and new product configurations, while Aplazame continues to expand through PSP channels. Klarna and Alma maintain presence through integrations with large merchants and marketplaces.
- The banking sector is now a direct competitive force. Banks’ upcoming Plazo Cero service and extended card-linked instalments, such as CaixaBank’s split-payment capability for Apple Pay purchases, signal deeper involvement in small-ticket, everyday BNPL. No major new standalone BNPL entrants have emerged, but banks’ coordinated moves effectively add new alternatives to the market.
Key Trends and Drivers
Banks scale card-based instalments and domestic schemes to defend their share in everyday payments
- Spanish banks are turning BNPL from a standalone fintech product into a standard feature of credit cards and domestic schemes. Plazox, the domestic instalment system coordinated by the Sistema de Tarjetas y Medios de Pago (STMP) and processed by entities such as Cecabank, already allows consumers to split in-store and online card purchases into 3-12 monthly instalments at participating merchants.
- Large banks (BBVA, Santander, CaixaBank, Sabadell, Unicaja, Ibercaja) are now preparing Plazo Cero, a new deferred-payment service that will let customers defer credit card purchases without interest or fees directly at the POS terminal, with pilots planned for late 2025 and a broader rollout in 2026. Individual banks are also extending BNPL features into mobile and wallet environments. CaixaBank’s recent launch of a service to split Apple Pay purchases into 2-12 instalments directly from Apple Wallet illustrates how instalments are being embedded in mainstream digital payments.
- Domestic schemes like Plazox and upcoming Plazo Cero also allow the banking sector to present a coordinated response to international BNPL providers, while keeping risk management and funding on-balance-sheet in supervised entities. BNPL in Spain is likely to become increasingly “invisible” as a distinct product and more of a standard option on credit-card rails and banking apps (including contactless, ecommerce and wallet payments).
- Bank-led schemes will probably capture a rising share of instalment volumes, especially for mid-ticket discretionary purchases in electronics, travel and services, with fintech BNPL providers pushed towards segments where their user experience or merchant tools provide a clear advantage. The coexistence of fee-bearing Plazox and fee-free Plazo Cero may also trigger price competition in instalment products, compressing margins but broadening usage in everyday retail.
Domestic and international BNPL providers deepen ecommerce integration through PSP and merchant partnerships
- BNPL is becoming a visible option at online checkout, though still smaller than cards, as providers integrate through payment service providers (PSPs). Stripe estimates that BNPL and other deferred payment options already account for about 5% of web purchases in Spain, with Klarna, SeQura and Alma among the most widely used BNPL methods.
- Spanish ecommerce continues to grow in volume and complexity, and merchants seek higher conversion and larger basket sizes without taking credit risk themselves. BNPL providers assume that risk in exchange for merchant fees. PSPs such as Stripe and others act as “gateways” into merchant checkout stacks, making it easier for BNPL providers to scale by plugging into PSP platforms rather than negotiating integrations one by one.
- Larger merchants and marketplaces will probably standardize on a small set of PSP-integrated BNPL providers, reinforcing the positions of SeQura, Klarna, Alma and bank-linked solutions like Aplazame. Competitive differentiation will shift from simply “offering BNPL” to the quality of risk models, dispute handling and integration into merchant systems (returns, refunds, omnichannel), with providers focusing on vertical specialization (e.g., education, health, optical) to defend margins.
Consumers balance demand for flexible payments with rising awareness of debt risk
- Banks like BBVA and major media outlets present BNPL with a more nuanced message: useful for budgeting specific purchases, but potentially harmful if used systematically without considering the total repayment burden. Inflation and housing costs have tightened budgets, increasing the appeal of spreading payments over time, even for non-durable goods. The ubiquity of digital channels means that “pay later” is now a button in ecommerce checkouts and banking apps, lowering the friction to take on new obligations. Simultaneously, repeated warnings from financial education initiatives and media stories about over-indebtedness have made many consumers more attentive to interest rates, fees, and the cumulative impact of multiple BNPL plans.
- BNPL usage is likely to continue growing, but adoption may be more segmented: heavier use among younger, digitally active consumers and in specific verticals, but with a greater share of users checking terms and limiting the number of concurrent instalment plans. Providers that help customers track all instalments, avoid late fees and understand their repayment calendar will be better aligned with the direction of policy and public opinion. As regulatory caps on interest and clearer disclosures come into force, consumer trust may stabilize, but expectations will rise for BNPL to be integrated into broader financial-health tools rather than purely sales-driven offers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 101 |
| Forecast Period | 2026 – 2031 |
| Estimated Market Value (USD) in 2026 | $11.75 Billion |
| Forecasted Market Value (USD) by 2031 | $26.73 Billion |
| Compound Annual Growth Rate | 17.9% |
| Regions Covered | Spain |
Report Scope: In-depth, data-centric analysis of Buy Now Pay Later industry in Spain through 58 tables and 82 charts
Spain Retail Industry & Ecommerce Market Size and Forecast
- Retail Industry – Spend Value Trend Analysis
- Buy Now Pay Later Share of Retail Industry
- Ecommerce – Spend Value Trend Analysis
- Buy Now Pay Later Share of Ecommerce
Spain Buy Now Pay Later Market Size and Industry Attractiveness
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Spain Buy Now Pay Later Market Share Analysis by Key Players
- PayPal
- Klarna
- Scalapay
- Oney
- Aplazame
Spain Buy Now Pay Later Revenue Analysis
- Buy Now Pay Later Revenues
- Buy Now Pay Later Share by Revenue Segments
- Buy Now Pay Later Revenue by Merchant Commission
- Buy Now Pay Later Revenue by Missed Payment Fee Revenue
- Buy Now Pay Later Revenue by Pay Now & Other Income
Spain Buy Now Pay Later Operational KPIs
- Buy Now Pay Later Active Consumer Base
- Buy Now Pay Later Bad Debt
Spain Buy Now Pay Later Spend Analysis by Business Model
- Two-Party Business Model
- Third-Party Business Model
Spain Buy Now Pay Later Spend Analysis by Purpose
Spain Buy Now Pay Later Spend Analysis by Merchant Ecosystem
- Open Loop System
- Closed Loop System
Spain Buy Now Pay Later Spend Analysis by Distribution Model
- Standalone
- Banks & Payment Service Providers
- Marketplaces
Spain Buy Now Pay Later Spend Analysis by Channel
- Online Channel
- POS Channel
Spain Buy Now Pay Later By End-Use Sector: Market Size and Forecast
- Retail Shopping
- Home Improvement
- Travel
- Media and Entertainment
- Services
- Automotive
- Health Care and Wellness
- Others
Spain Buy Now Pay Later By Retail Product Category: Market Size and Forecast
- Apparel, Footwear & Accessories
- Consumer Electronics
- Toys, Kids, and Babies
- Jewelry
- Sporting Goods
- Entertainment & Gaming
- Other
Spain Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
- Spend Share by Age Group
- Spend Share by Default Rate by Age Group
- Spend Share by Income
- Gross Merchandise Value Share by Gender
- Adoption Rationale
- Spend by Monthly Expense Segments
- Average Number of Transactions per User Annually
- BNPL Users as a Percentage of Total Adult Population
For more information about this report visit https://www.researchandmarkets.com/r/fhytru
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- Spanish Buy Now Pay Later Market
