Bankinter foresees european payment revolution, warns of strategic blind spots

Bankinter CEO Gloria Ortiz delivered a forceful assessment of Europe’s immediate digital payments landscape during the firm’s first-quarter 2026 results presentation, highlighting the enduring success of private systems like Bizum and issuing a stark warning about the development of the digital euro, particularly its wholesale version.

Bizum remains king, interconnectivity over digital euro

Ortiz was unequivocal: “Bizum is functioning brilliantly.” However, the European Central Bank’s observations point toward a clear trend: the acceleration of cross-border payment interconnections. She argued that real-time connectivity will arrive before the digital euro, a surprisingly assertive position.

Regarding the retail digital euro, Ortiz advocates for a pragmatic approach, leveraging existing infrastructure. “We believe it would be significantly faster and less costly to establish it on the existing private infrastructure, simply requiring interconnections between nodes across countries and the establishment of standards,” she stated. This strategy prioritizes efficiency and avoids duplication of effort.

Private infrastructure vs. digital euro – a pragmatic defense

Bankinter’s stance is rooted in a commitment to practical solutions. “In the case of payments, private initiatives would be better served utilizing existing infrastructure – it’s a more cost-effective and implementable option,” Ortiz explained. “It’s a more pragmatic approach than other considerations.”

Despite concerns about the digital euro’s impact on financial stability – Ortiz dismissed significant risks, asserting that “limits on individual holdings would prevent any systemic problems.” Her true conviction lies in the wholesale market, where she anticipates the digital euro will drive 24/7, 365-day payment processing, a capability currently unavailable through existing banking platforms. “The wholesale digital euro represents a crucial investment that deserves greater impetus, and timelines of 2029 or 2030 are, frankly, too distant,” she emphasized.

Strategic missteps and the visa fallout

The firm’s strong performance – fueled by artificial intelligence and digital transformation – reflects a broader strategic context. Bankinter’s past sale of Visa Europe to U.S. giant Visa is now viewed as a critical error, a strategic lapse that has left Europe vulnerable. “We allowed Europe’s banking ecosystem to be sold to Visa USA… This is a long-term strategic issue; we can’t wake up 15 years later realizing we’ve ceded control,” Ortiz cautioned.

The reliance on American-dominated payment processors – Mastercard, Visa, Android, and Apple – exposes Europe to significant technological dependencies. The message is clear: Europe must act with decisive pragmatism, capitalizing on its existing private payment infrastructure and aggressively pursuing the wholesale digital euro to avoid repeating past strategic blunders and ceding dominance to competitors outside the continent.

Solid financial results drive efficiency gains

Bankinter reported a net profit attributable of €290.66 million for the first quarter of 2026, a 7.61% increase compared to the same period in 2025. The interest margin rose by 5.5% to €570.6 million, while net fees reached €203.23 million, representing an 8.06% jump. Gross margin stood at €779 million, a 6.5% rise, and operating margin at €502.9 million, with an 8.7% growth. Operational costs increased moderately by 3% to €276 million, enabling a reduction in the efficiency ratio by 132 points to 35.4%. The delinquency ratio decreased by 23 basis points to 1.92%, with a coverage of 69.5%. The RoTE was 20% and the CET1 ratio reached 12.96%, significantly exceeding the minimum required of 8.47%.

Globally, the firm’s assets grew by 10.3% to €136.678 billion, driven by €81.078 billion in loans and €96.451 billion in deposits. Managed assets outside the balance sheet increased by 17% to €69.123 billion.

Spain remains the primary market, with a pre-tax profit of €342 million, a 10% increase, while Portugal maintained €56 million and Ireland grew by 12% to €12 million. Ultimately, Bankinter’s success demonstrates a strategic pivot towards digitalization and AI, underscored by a commitment to bolstering Europe’s position in the evolving global payments landscape.