If you live in Spain, or you are outside the world, or you will have already realized the enormous (and growing) power that among consumers. If you live abroad, for now keep in mind that it is a system for making instant transfers, which began to be used to make payments between users, but is increasingly used to pay in eCommerce. And you’ll see… little things are coming.
To talk about the weight of these immediate payments, about Bizum and how it helps reduce friction in payments, we are going to talk to Rachel FernandezEcommerce Account Manager of BBVA, one of the banks leading the Bizum project; Y Javier Sauramarketing manager of Helm Cinema.
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The power of Bizum for omnichannel customer relationships
3:55 BBVA is a giant bank. What does it mean to be an Ecommerce Account manager? What focus does BBVA have in the eCommerce environment?
we basically we are managers specialized in eCommerce and we accompany businesses that want to sell online. We offer you the best payment capacity option and advise on regulations, fraud management, chargeback issues, as well as continuous improvements that arise.
the bet of BBVA has been differential by taking this figure of personal eCommerce manager, especially to large billers, but every time we see very emerging SMEs that are billing considerable volumes in the online world, which also need this personalized management.
10:45 Movie theaters were hit hard by the whole issue of the pandemic, it didn’t have to be easy to manage. How did you do it? In what state of recovery is the sector?
At first, like all sectors, we were speechless, but quickly, hand in hand with the cinema federation, with the federation of distributors, we began to work on a plan when we saw the magnitude of the impact of Covid, on the return to the cinema . We work with medical specialists in different areas, to know the measures we should take and being able to get ahead of ourselves so that going back to a movie theater was as safe as possible. As the months went by, it became clear that the cinema was a safe space: we began to implement the safety distance of seats, we began to put gels everywhere.
It was tedious work, which in the end did not give us the results we expected, because people did not want to be in closed places. We did everything for a recovery, yes it is noticeable, but it is also noticeable a movie escape, they delayed them and the fact of streaming platforms made us rethink the future of cinema.
Last year a certain recovery began to be noticed. We have graphs with the peaks of the Covid waves, depending on how they are going up or down, how they are impacting movie attendance.
Now, let’s face it, we’re still touched. Unfortunately we are not at the levels we had in 2019, with our beloved “Endgame: The Avengers”. But we trust the titles. I believe that the cinema is a space that is good for all of us, but it is a sector of habits: if I stop going to the cinema for two months, I forget about it.
So we are in this fight, that the faithful public continues to come, but that public that had lost the routine of going to the movies recovers it and we have to support each other a lot from the movies. One of the trends where we’re going to recover from this pandemic that we’ve been going through is What additional experiences can we offer customers? and one is the one that you can live live: reclining seats, with an offer beyond popcorn, which can offer more variety to buy.
19:15 : Let’s start with something simple, what do we mean by immediate payments?
RF: An immediate payment is one that has a real-time response. Until now, the traditional way of making a payment on the internet is cards, they are still 75% of payments made online.
But one fine day immediate transfers appear and this gives rise to the appearance of a series of initiatives of immediate payments from account to account, which is at the national level, on which it is based and at the European level, other initiatives that have been carried out in each country.
And we talk about immediacy also in the payment. I take it out of your account and pay it into another account, that is, just as you do the operation, the business is receiving it or the individual is receiving it in real time.
At a national Bizum level and at a European level there are also other immediate payment initiatives, but each country has adopted its own method. I believe that in a few years it should be unified and make a European standard.
Bizum’s entry really emerges as being able to transfer these payments from account to account using a mobile, using only a mobile phone, who doesn’t know the mobile? It’s as simple as entering your bank app at the user level, linking this mobile to this account and from that moment, you can already receive and offer these payments in Bizum. They started in 2016 these payments between individuals and there are currently more than 21 million bizumersan exponential growth.
Thanks to this rapid growth, in November 2019 it is said why not a trade? why doesn’t a Helm offer it too? So Bizum also enters the world of online commerce, of eCommerce, as a fast, simple and easy method.
23:36: Where does the need to implement immediate payments in Cine Yelmo come from? How was that process?
JS: At Cine Yelmo everything that involves innovating, to get ahead, be above and above all give the best customer service or all alternatives to the clientwe are interested.
And Raquel explained it: what we are doing at a private level, why not do it at a company level? So when the possibility was put before us, we said we are going to do it, we are going to launch a pilot and we are going to see how the market responds. The truth is that the market is responding very well, yes, there is a small leg that we have to improve, what is this Bizum password, that not all users know and it becomes a bit of a brake.
RF: This is true: operating the Bizum key, it was seen that it was a brake to advance in that purchase process and turn that start into an actual sale. Yes, it is true that progress has been made, what has been done is that you can confirm that purchase through the bank’s app, that is, similar to a card payment. More and more entities are incorporating this type of payment confirmation and it is expected that in a short time more will be incorporated, because we see that the Conversion is much faster with the app system.
Bizum is based on Redsys technology, compatible with virtual POS and we are all national entities adhered to this system. The fact of being based on this platform is what also makes it easy, fast, with a simple integration. The business already has the base prepared to integrate this payment method with Bizum.
28:30: How has the Bizum button evolved and how are transactions distributed today?
Right now, more or less around a 50% of transactions are made through digital channels, that is, either buy with a card or with Bizum. Of this 50%, around a 3% or 4% are Bizum, a number with which we are comfortable. We know that we have to make it grow more, for this if we eliminate the key, surely everyone will enter.
At the moment we are in these ratios and the truth is that in order to have implemented it without having given it much hype, we made special communications at the beginning of the launch of this agreement but we have not continued to push it, I think an almost 4% of customers use it is interesting and it is a trend that surely goes further.
29:49 : Do you perceive a change if they are buying from mobile or computer?
On mobile web, if implemented. In the app, it is one of the tasks that we have yet to implement. On web, almost 80% of visits come from mobile. It is true that the transaction, there are still many reluctant customers who do not trust the mobile and do not understand it.
I think that today, everyone does everything from their mobile, but it is true that when you go to pay it is like: “wait, he is sending me other pages, he contacts the bank, he sends me another site”. We have to work a little on the integration so that it is more fluid and there is no stopper.
31:13: I understand that at the price level Bizum has some special cost. How is this cost in shops?
JS: Is the same priceIt doesn’t matter if you pay with Bizum or with a card, the cost for the customer is the same.
RF: This is one of the very important points. Bizum is also a very cheap payment method, very comparable to cards. There are other payment methods, but they do not have this cost and this is a plus in favor of Bizum, in which these costs are equated. The package of benefits offered by a method like Bizum at all levels is really very powerful and highly valued.
33:06 And when will facial recognition?
The key was already there before, it was born that way with Bizum and as soon as it was seen that it could be a brake, it was changed. Fewer and fewer go by Bizum code, now what we do is the “Request to pay”, called this application from my entity, it sends me this push and it is very fast, so this stopper is really being diluted.
Bizum allows you to carry out the vast majority of operations that you could carry out with cards, but not yet all of them. And it is that Bizum is a very young method, in eCommerce we are talking about barely 2 and a half years, but it is going at a terrible speed. Among the improvements in trade issues are that they can be made subscriptions, recurring payments, Using Bizum in face-to-face payments is also highly demanded.
Think that this is how Bizum was born among individuals in 2016, it takes off at a brutal speed and the next improvement is the shops, this continues to evolveseeing where it can be improved and what is most in demand.
Currently around 16% of eCommerce payments are made with Bizum, there are about 36,00 businesses, more or less, with Bizum. There are large billers (, ) that are betting on this payment method, but also small and medium-sized companies incorporate Bizum.
It is a method that has entered strongly and we, internally, have also made a very big bet on this push with Bizum, to transfer our clients, because we really see the potential, what is working and we are currently leaders in terms of commerce that are invoicing with us through Bizum.
JS: This last month, of all the Bizum transactions that have not been completed due to the issue of the code, we have reached 60%. In these large stores that you mentioned, they are much more comfortable than us and we still have work to do to make all this much more agile.
38:38 : What is the user profile that Bizum uses? Is there a perception that it is a system used mostly by young people?
JS: I do not have data of the client who buys from me, I do not ask the age. When they are buying, we only ask for a name and an email to send them the tickets. Tea…
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