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Bankia increases its market share of instant bank transfers to 33.5% in the first six-month period

The entity increases its market share by 14.5% more compared to the previous year and reaches the lowest time in Spain and Europe in the processing of this type of operations (0.76 seconds).

Communication Bankia

By  Communication Bankia

Publish on 
02 August 2019 - 11:15

  • Bank handles over 10 million instant transfers until June

Bankia has boosted its share of the instant payments market in the first half of the year, handling over 10 million instant transfers between January and June; some 66,000 transactions per day on average.

This sees the bank closing the first six months of the year with a market share of 33.5% compared to 19% in the same period of the previous year, i.e. 14.5 percentage points higher.

The sector’s average instant transfer processing time in Spain is 0.82 seconds, while Bankia has driven this down to 0.76 seconds – the lowest in Spain and Europe. Moreover, the average migration rate for banks was 10.2% of transfers in June compared to 51.4% in Bankia’s case.

 “Instant transfers offer customers more flexibility when making certain payments. This type of transaction already accounts for 51% of SEPA transfers issued by the bank,” says Ana Herrero, Bankia’s director of payments.

In this respect, Herrero explains that companies “are aware of the value of Bankia's one-of-a-kind service, which no other institution in Spain can offer: the processing of grouped transfers and batch payment files”.

Instant transfers can be processed 24/7, 365 days a year and any customers can currently send and receive this type of transfer in Spain in less than a second. Ninety-six percent of Spanish companies now handle this format.

Instant transfers can now also be sent to many European banks and countries through various platforms that act as “highways” connecting banks to each other.

While instant transfers were initially used by retail customers to make payments for small amounts – Bizum is the most well recognised and popular instant payment format in Spain – an increasing number of customers are using this type of transfer to make business payments, for example to pay salaries, invoices, etc.

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