In recent years, e-commerce has experienced remarkable growth, with forecasts predicting a market volume of $5 billion by 2028, according to Statista. In this context, Craftgate, a “One-Stop Shop” payment orchestration platform, processed an online payment volume of €3.15 billion in 2024, representing an increase of 181% compared to the €1.12 billion recorded in 2023.
Online transactions in 2024 rose by 102% compared to the previous year, driven mainly by sectors such as e-commerce, tourism, jewelry, fashion, food retail, and insurance. Additionally, the average shopping cart value in 2024 reached €81, according to data from Craftgate.
Online payments have solidified their role as a key component in e-commerce. Since its arrival in Spain in November, Craftgate recorded that 10.43% of payment operations in 2024 were made through alternative payment methods, with a total of 21 different options used across its platform in the past year.
November Sets Record for Volume and Number of Payments
The discount and sales campaign in November, featuring significant dates like 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 reach annual sales targets. According to transactions processed by Craftgate, the highest number of payments and volume in 2024 occurred in November, with a growth of 21% compared to October and up to 129% compared to the same month last year.
A similar increase has been experienced in the number of transactions, with a 24% rise from October and an 86% increase compared to November 2023. In conclusion, the highest number of transactions and payment volume was recorded during 11.11 and Black Friday. Purchases made on these two days represented 12% of November’s payments.
Payment Orchestration: A Major Trend in the Fintech Sector
With the continuous rise in online transactions, payment orchestration has become indispensable for companies managing various providers and payment methods. In fact, according to Global Market Insights, the market is expected to grow significantly, from $1.2 billion in 2023 to $6.3 billion in 2032. Furthermore, according to McKinsey’s Global Payment Report 2024, payment orchestration is one of the three key trends that will define the future of the industry.
“The fintech landscape is rapidly evolving due to the push from innovations such as AI, blockchain, BNPL, digital wallets, payment orchestration platforms, and neobanks. These technologies are no longer trends, but rather essential tools for building secure, seamless, and intelligent financial ecosystems,” says Jorge Sorial, Country Manager of Craftgate in Spain. “As these technologies mature, companies that prioritize adaptability, innovation, and customer-centric strategies will be best positioned to lead the next fintech era.”