Nuek anticipates the future of digital payments: Spain, at the forefront of immediacy and interoperability

The payments industry is undergoing a profound transformation; users are demanding immediacy, businesses are seeking frictionless experiences, and infrastructures are evolving towards interoperable data-based models. The above is revealed in the new trend reports of Nuek, the Minsait (Indra Group) technology company specializing in payment infrastructures, drawn up in collaboration with Analistas Financieros Internacionales (Afi). This analysis covers three trends that were detected: Payments integrated into the customer experience, From Open Banking to Open Data and Payment rails and their interoperability.

Spain, a European instant payments benchmark

Sending and receiving money in a matter of seconds have become basic operations. Over 100 countries now implement instant payment systems and Spain is consolidating its standing as one of the most advanced markets in this regard. Bizum has led the way in the adoption of instant transfers between individuals and companies. In 2024, Spanish banking, through Iberpay, became the first European banking area to become fully connected to the international One-Leg Out scheme, allowing the processing of instant transfers in different currencies and facilitating much more seamless international payments.

Moreover, the new European regulation will oblige all banks to offer instant payments in euros from 2025 onwards, and Spain is ready to meet this deadline. Since the first quarter of 2025, the interoperability between Bizum (Spain and Andorra), Bancomat Pay (Italy) and MB Way (Portugal) has permitted person-to-person transfers between users' phone numbers in the three countries, extending the reach and ease of use for millions of users.

This development will speed up the user experience and enable companies to improve the management of their collections and liquidity. Besides, inter-system connections are beginning to facilitate much more seamless

international payments. In Europe, this context is leading to the consolidation of interoperable solutions such as WERO (available in several countries) and interconnections between national systems such as Bizum, Bancomat Pay and MB Way, which are performing their first coordinated transactions. “Immediacy is no longer a technological differential, it’s a standard that’s shaking up the relationship between citizens, companies and public services”, according to Nuek CEO Javier Rey.

Integrated payments: the frictionless experience takes root

The upturn in integrated payments (those that are disappearing from the user experience) has already taken place in Spain. Mobility, delivery, subscription and digital commerce platforms are adopting invisible payment models to reduce cart abandonment and streamline the experience in physical stores. According to the report, integrating payments into the customer experience is key to increasing conversion and loyalty, and Spain is excelling in its rapid adoption of technologies such as contactless methods, biometrics and digital wallets.

According to Nuek’s report titled 'Payments integrated into the customer experience, these kinds of invisible payments reduce cart abandonment, increase conversion and do away with the need to wait in physical stores.

For companies, integrating payments into the experience leads to less friction, greater efficiency and a smoother relationship with their customers. In an increasingly digital environment, the premise is clear: for the experience to work, the payment must be invisibly and simply integrated.

Open Data and trust: the cultural challenge

Similarly, financial digitization is moving towards a model under which people can decide which data they share and for what purpose. It’s not just a matter of viewing accounts or allowing one application to add the banking information of another one. The Open Data concept opens up the door for users and companies to voluntarily share financial and consumption data to obtain more personalized, secure and competitive services. In other words, data become an asset: customers control what they share and, in return, they receive better offers and more accurate risk assessments and face less fraud.

Although the Spanish and European regulations are among the most advanced in terms of data protection and open banking (PSD2, GDPR), Spanish consumers are still reluctant to share financial data with third parties, even in exchange for better conditions and personalized services. The report highlights that trust and security remain key barriers, and that financial literacy and transparency will be essential when it comes to moving towards a fully functional open data model.

Nuek’s From Open Banking to Open Data report reveals that citizens are calling for full control over their data, and that financial services based on authorized information can improve risk assessment, offer personalization and fraud detection. The digital economy is thus moving towards an environment in which identity, payment capacity and transactional behavior are combining to deliver more coherent and relevant experiences. These secure data exchanges also enable retailers to optimize consumer financing, loyalty programs, subscriptions and other personalized interactions.

Interoperability: Spain drives inter-system connections

Finally, it’s crucial to keep in mind that the financial system operates on different “payment rails”: cards, bank accounts, wallets and tokenized money (a digital version of money through new technologies such as blockchain). According to Nuek’s report titled Payment rails and their interoperability, the key is for all of these systems to understand each other.

Through Bizum and the partnership with Portugal and Italy, Spain is leading the creation of a pan-European space for interoperable instant payments, while Spanish banks are actively involved in the definition of international standards and the adoption of technologies such as blockchain for cross-border payments.

This interoperability will allow users to pay however they like and from wherever they wish, regardless of the technology or the payment/collection instrument used by each business or service. It also facilitates new features, such as automatic inter-company settlements, more efficient international payments and integrations into more innovative technologies. The challenge lies in coordinating banks, fintechs and regulators to create open, secure and scalable infrastructures.

All of these trends will be analyzed at the Beyond Payments | Europe Edition event, which is set to bring together regulators, financial institutions and technology companies in Madrid on November 25 to debate Europe’s role in the next major transformation of the global payments system.