Digital payments are undergoing a transformation in Spain and Europe, with two major trends shaping current affairs: the imminent launch of the digital euro and the impact of major sporting events on cashless spending. While the European Central Bank finalizes the details of its electronic currency, the competition to dominate the payments infrastructure is intensifying among giants like Swift and Stripe. All of this is happening against a backdrop of unstoppable growth in the sector, with forecasts pointing to multi-billion-euro markets in the next decade.
The combination of technological innovation, regulation, and changing consumer habits is redefining how citizens and businesses conduct transactions. The digital euro promises to be a sovereign alternative to Visa and Mastercard , while World Cup fever has demonstrated how NFC contactless payments are becoming the preferred method in bars and restaurants. At the same time, large financial corporations are competing to gain control of the networks that will move the money of the future.
The digital euro is moving towards its testing phase
The European Parliament's Committee on Economic and Monetary Affairs has given the green light to the digital euro project, a new form of electronic money issued by the ECB. The aim is to reduce dependence on non-European providers and offer a public alternative for everyday payments. The pilot program will begin in the second half of 2027 and last for twelve months, with a beta version that will not yet be legal tender. If all goes according to plan, the digital euro could be available to the public in 2029.
Among the entities selected to participate in the trials are several Spanish companies: the alliance formed by Abanca, Ibercaja, Unicaja, Cecabank, Bizum , and Deloitte, as well as Uinku, a subsidiary of Sipay. Major players in the sector have also joined, including Adyen, Revolut Bank, Stripe, SumUp, and Worldline. The presence of these companies guarantees a diverse and representative testing environment across the eurozone. Citizens will be able to use the digital euro both online and offline at no additional cost, and basic functions will be free.
The World Cup boosts cashless payments in the Spanish hospitality sector
Spain's qualification for the World Cup final has had a direct impact on consumer spending. According to SumUp's Global Cashless Study, the day of the semi-final against France saw a 26,4% increase in cashless payments compared to the previous day. Bars were the biggest beneficiaries, with a 34% growth in digital payments , followed by restaurants (21,7%) and food trucks (10%). During the first weeks of the tournament, cashless payments in the hospitality sector grew by 21,3% compared to the preceding weeks.
Valerio Corsetti, Head of Sales at SumUp in Spain, points out that major sporting events generate peak demand in both large cities and small towns. Speed ​​in the payment process becomes a key factor in the customer experience , and having agile payment solutions provides a competitive advantage for hospitality businesses. SumUp, which is also participating in the digital euro pilot program, is thus strengthening its presence in the Spanish market.
Competition for payments infrastructure intensifies
As the digital euro advances, the struggle to control global payment networks intensifies. Swift has announced that its blockchain-based infrastructure is now ready for commercial use, with 17 financial institutions participating in the first tokenized payment and deposit projects . Meanwhile, Stripe is looking to acquire PayPal to expand its user base and strengthen its payments ecosystem. The priority is no longer just developing technology, but controlling distribution and becoming the leading platform for digital transactions.
Citi analysts point out that the competitive advantage will lie with the stablecoin that manages to become the default option for the largest number of transactions. Distribution has become the key factor , as stablecoins evolve from a specialized product to a tool integrated into payment systems. All of this creates a scenario in which banks, fintech companies, and other technology firms are competing to dominate the next generation of global payments.
The payments monitoring market, which includes fraud detection and regulatory compliance, is also growing rapidly. According to a report by Spherical Insights, this market will expand from $19.770 billion in 2025 to $97.630 billion in 2035, driven by artificial intelligence and European regulation. The EU's Anti-Money Laundering Authority (AMLA) has already published guidelines encouraging the use of risk models for payment platforms . The combination of technology and regulation is creating a safer and more efficient payments ecosystem for both consumers and businesses.
