Online Payment Volume Increases by 181% Last Year

In recent years, e-commerce has grown and evolved into an industry with revenue forecasts, according to Statista, predicting a market volume of 5,000 million dollars by 2028. In this context, Craftgate processed an online payment volume of 3.15 billion euros in 2024, representing an increase of 181% compared to the 1.12 billion euros recorded in 2023.

Regarding online payment transactions in 2024, the percentage rose by 102% compared to the previous year, primarily due to sectors that generated the highest payment volumes, including e-commerce, tourism, jewelry, fashion, food retail, and insurance. Additionally, according to data collected by Craftgate, the average basket value in 2024 reached 81 euros.

Online payments have become the backbone of e-commerce transactions. The company, which arrived in Spain last November, reported that 10.43% of payment operations in 2024 were made through alternative payment methods, registering the use of up to 21 different alternative payment methods through its platform in the past year.

November Marks Record Volume and Number of Payments

The discount and sales campaign in November, with key dates such as 11.11, Black Friday, and Cyber Monday, continues to stand out as one of the biggest commercial milestones on the calendar and as a great opportunity to meet annual sales targets. According to the transactions processed by Craftgate, the highest number of payments and volume for 2024 occurred in November, with a growth of 21% compared to October and 129% compared to the same month the previous year.

A similar increase was observed in the number of transactions, with a 24% rise compared to October and an 86% increase compared to November 2023. In conclusion, the highest number of transactions and payment volume occurred during 11.11 and Black Friday. Purchases made on these two days accounted for 12% of the payments in November.

Payment Orchestration, One of the Key Trends in the Fintech Sector

With the continuous increase in online transactions, payment orchestration has become indispensable for companies managing multiple providers and payment methods. In fact, according to Global Market Insights, the market is expected to grow significantly from 1.2 billion dollars in 2023 to 6.3 billion dollars in 2032. According to the Global Payment Report 2024 by McKinsey, payment orchestration is one of the three key trends that will define the future of the sector.

"The fintech landscape is evolving rapidly thanks to innovations like AI, blockchain, BNPL, digital wallets, payment orchestration platforms, and neobanks. These technologies are no longer trends, but essential tools for building secure, fluid, and intelligent financial ecosystems," says Jorge Sorial, Country Manager of Craftgate in Spain. "As these technologies mature, companies that prioritize adaptability, innovation, and customer-focused strategies will be best positioned to lead the next fintech era."