In Spain, cards continue to be the traditional and most used payment method in electronic stores, representing more than 75% of transactions.
However, consumers are changing their preferences when making payments, opting for other forms of payment that have appeared more recently and that offer a simple, fast and secure user experience. This is the case of immediate payments from account to account.
Bizum the most popular immediate payment method in Spain
Bizum originally began as a payment method for instantaneous money transfers between individuals, an initiative that the Spanish bank launched in October 2016. Thanks to the great popularity it has achieved in Spain, with more than 20 million users as of May 2022, has evolved and incorporated new features.
Thus, in November 2019 the possibility of paying with Bizum in e-commerce. In this way, the payment of online purchases is speeded up, since the user only needs the mobile to do so.
BBVA was the first entity to incorporate the mobile phone as an authentication method for the . The process is similar to that of card payment. Thus, at the time of payment, the buyer inserts his mobile, receives a notification through the bank’s app and confirms the payment. A fast and secure payment method that is rapidly gaining popularity. Users of other entities that use the Bizum Password for online purchases as an authentication method must have previously obtained it from their entity.
Payment with Bizum in online stores, in just two and a half years since its launch, already represents in the first quarter of 2022 around 16% of payments in ecommerce that offer this payment option.
More than 33,500 businesses in May 2022 already offer their customers immediate payment for their purchases with Bizum, nearly 20% of shops. BBVA customers have this payment option available when contracting a . Around 40% of sales via Bizum come from BBVA business customers.
Bizum is a payment option available in most large e-commerce stores and is also offered by a large number of SMEs.
What are the advantages of payment by Bizum in electronic commerce
- Offer the preferred payment method of many users. It is planned to reach 25 million “bizumers” in 2022, who are regular consumers of ecommerce.
According to a recent study by IAB Spain, 22% of respondents indicate that the payment method options offered by the store is a very relevant aspect when deciding to make an online purchase. It is advisable to offer at least two payment options among the most popular.
- Immediate payment confirmationwith the option for the business to receive immediate payment of the amount of the sale.
- Easy integration of Bizum paymentjust including the Bizum button on the payment page and without the need for computer development
- Control and management of operations similar to cards and from the same administration portal of the Virtual POS.
- Improvement of the brand image, by offering a more digital and innovative payment option. With Bizum, an SME can be on a par with the largest.
What is the foreseen future of instant payments
The ECB predicts that in 2030 60% of payments in Europe are made through immediate paymentsfrom account to account.
Worldwide, different local methods of immediate payment have been launched in more than 60 countries and they are growing at a good pace. The forecast is that the next step in its evolution will be to be able to make this type of payment in cross-border shoppingeither by collaborating between local payment methods or by creating new, more global methods.
At a national level, Bizum continues its constant evolution and a next step is to offer the option of paying with Bizum in face-to-face stores. In fact, in lottery administrations (SELAE) Bizum is already an option to pay and collect prizes in a simple and secure way through the creation of a QR code by the user in their banking app.
Stay informed of the most relevant news on our news channel
Facebook Comments
Disqus