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Banking services that rely on electricity, such as credit card payments and ATM withdrawals, have largely recovered in Spain after an unprecedented blackout this week.
The huge blackout that paralyzed most of the Iberian Peninsula this week, including Portugal, has sparked chaos and cash demand as it became the only payment method that many businesses can accept.
Spain will restore banking and payment operations after power outage
Electronic payments via bank cards at Point-of Sale (POS) terminals, as well as automated Teller Machine (ATM) services, are now available again to residents of Spain and Portugal.
Wholesale and retail payments are “functioning regularly,” the Bank of Spain announced Tuesday. A brief update on the current state of the kingdom’s payment infrastructure and banking sector comes after Spain has fully recovered its power source.
The monetary authorities highlighted “a full recovery at almost every major shopping centre.” Many, along with other retailers and service providers in the area, have lost access to electronic payment methods during power outages.
Operations at credit institutions are “operating normally,” the regulator added, acknowledging that glitches are still being reported at several bank branches and ATM locations. Banco de Espanya also said it has normalized cash distribution from branches.
IberPay, a private operator of Spain’s National Electronic Liquidation System (SNCE), posted on its website that “Spain’s retail payment system, Spanish cash distribution system and sector information services are all operating normally.”
Spanish power grid operator Red Electrica has acquired the X early to notify consumers that it has recovered nearly 100% of the peninsula’s power supply. All transmission substations are in operation, the company said in a separate post.
Altualizamosinformación⬇️11:15h.
✅Mormalizadoel funcionamiento del sistemaeléctrico Peninsula.
✅ I’m sorry, but I’m not going to get any money, but I’m not going to get anywhere, but I’m not going to get anywhere, but I’m not going to get anywhere, so I’m going to get there.– RedEléctrica (@redelectriccaree) April 29, 2025
Nevertheless, the declared emergency remained in areas affected by both Spain and Portugal on Tuesday. “This has happened so far
Sanchez showed that Madrid had no definitive information on the cause of the blackout, but Red Ereclika ruled out the cyberattack. According to director Eduardo Prieto, the crisis could have been caused by an unbalanced system due to “strong vibrations in the electrical network.”
The blackout highlights the importance of cash after withdrawals and card payments go offline
The largest power outage in the region’s history has disrupted access to basic services for millions of people in Spain, Portugal and parts of southern France. The sudden interruption of power supplies has hit critical infrastructure, including public transport and healthcare.
Spain’s economic losses are expected to reach 0.1% of GDP, or 1.6 billion euros ($1.82 billion), according to a Reuters report citing the Confederación Españolade Arganciones empresariales (CEOE).
Digital payment systems are particularly affected, with significantly limited options for paying through bank cards or mobile apps. Bank branches have been closed, ATMs have been closed, and withdrawals have often been impossible.
“Nunca llevo effectivo, perodespués de loquepasó, he venido the sucar european para para para si las moscas.” Después Del Apagón, Los Bancos Han vuelto a Operator Con Mormormidad, Aunque El Temor Lleva a variety of hacer reserves de dinero
– Elpais (@el_pais) April 29, 2025
Many shops chose to close their doors during the crisis, but Spain’s daily Elpais wrote that it was open and widespread cash payments, saying they felt lucky that Spaniards were lucky to keep the habit of putting bills in their wallets. Not everyone who wants to buy water, food, or batteries has cash.
In recent years, the Madrid government has been trying to cut cash usage as part of an effort to curb tax evasion. Since 2021, Spanish companies have only been able to receive up to 1,000 euros of cash per transaction. The threshold was previously 2,500 euros, Politico said in the article.
According to the European Central Bank, cash remains extremely popular in Spain, accounting for 57% of retail transactions, while offline payments via bank cards and mobile applications have yet to reach 40%.
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