At a time when all our data is in our pocket, concentrated on our not-so-small mobile devices, it’s no wonder that the possibility of digital payment has been gaining strength to such an extent that it has begun to prevail over physical money. According to the study , the withdrawal of cash from ATMs in Spain fell by 68% in 2020. Online payments are here to stay and Bizum is presented as the convenient, fast and secure solution to make them with a single click.
What is Bizum?
Bizum, is the instant mobile payment platform promoted jointly by the Spanish banking system. This solution brings several advantages to its users: the universality, as it is available on any smartphone and without having to change banks, as it is interconnected with practically everyone; the comfort, since it is not necessary to know the recipient’s account number, but only include their mobile phone number (or select their contact in our phone’s address book); the speed, given that in less than 5 seconds the money is in the recipient’s account; and the security and the confidence derived from having the support of the Spanish banking system and using its applications and security measures, without having to provide additional data.
Bizum was born in 2016 as a joint project framed among the digital innovation initiatives of the Spanish banking system, a new payment service with which the banks sought to expand the offer of payment services to their customers. The joint sum of the participating entities already represents a market share of over 98%.
Although in July 2021 Bizum achieved a 65% increase in its users compared to the previous year, reaching 16.5 million users, on April 20, 2022 it announced that this figure had risen to 20 million users, a growth of 21.2%.
Bizum figures
Since its launch, Bizum has not stopped growing rapidly, and has currently become the mobile payment solution for 20 million users, the equivalent of almost half of the Spanish adult population. In total, this payment solution has managed around 1,000 million operations, more than double the number in July 2021. These operations have a associated volume of 50,558 million euros.
Of these payments, 50,000 were made between individuals and the average value per transaction is estimated at €51. As we can see, this payment solution has gained a strong foothold in the Spanish market, growing in popularity while expanding its business model.
Bizum’s growth has also been significantly boosted thanks to the continuous incorporation of businesses that accept this system as a possibility of payment, which are already 31,000. Likewise, according to market data, Bizum is the second favorite payment option for consumers in those businesses that offer this service and, only so far in 2022, 3.25 million operations of this type have already been carried out.
Ángel Nigorra, CEO of Bizum, states that “andhe use of Bizum continues to spread among Spaniards also in electronic commerce. The bizumers especially value the fast and comfortable user experience, as they only need the mobile phone; Y businesses also appreciate the security derived from complying from the beginning with the strong authentication requirements of the European payment directive (PSD2). Bizum Banks maintain their determined effort to commercialize the service in order to achieve the 2022 objectives and position Bizum as the preferred payment option among its customers”.
How Bizum works
Simplicity and speed are the fundamental pillars of Bizum, this tool seeks to ensure that its users can make their payments quickly, without complications, since management is brief and good, twice as good. This is why Bizum appears as a plugin within the own app of your bank (as long as this is one of those that offer this service), you don’t need to install any other major application, you can simply activate it from that one, in an easy way and, saving space on your mobile, which always comes in handy.
Send money in just three steps
Have you already opened your bank’s app and found Bizum? Perfect, you already have the first step, time to move on to step two. Find it “send and receive money with bizum” option and enter the mobile number or select from your contacts and specify the amount. Once this is done, you will only have to hit “send” and your money will reach its recipient in a matter of seconds. If this person does not have Bizum installed, they will receive an SMS message with the instructions to follow to receive the money. money.
Pay for your purchases or make donations to NGOs with Bizum
To be able to make your purchases you will only have to select the option “pay with Bizum” and enter your mobile number and your Bizum password, a four-digit code that you will get when you sign up for this service. After this, your bank will send you a code to confirm the operation. If, instead, what you want to do is a donation, you can search in the list of NGOs that Bizum offersselect the cause, enter the amount you want to donate and hit send.
What is the limit of money you can send or receive
There is both a maximum and a minimum of money that Bizum allows to send in each operation in order to guarantee the security of its users, likewise the banks themselves can also establish the limitations they deem necessary. The minimum amount per transaction is €0.50while the maximum is €1,000. On the other hand, the number of payments that a user can make per day is unlimited, and the same does not happen with the amount of money that can be received, the maximum being €2,000, and only 60 payment transactions can be received per month.
It is not possible to cancel a Bizum
In the event that when making a payment you would like canceling this operation would not be possible, since Bizum is an instant payment tool. What is recommended in these cases is to either contact the person to whom the money was sent to return it, or go to your bank to find out how to act.
What to do if Bizum fails
In case you have any type of problem while an operation is being carried out, you can rest easy, since if Bizum does not notify you with an on-screen confirmation that the payment has been made correctly, there is no risk that the operation has been carried out. If when trying to carry out the process again it continues to give an error, Bizum’s recommendation is to contact your bank or, if the problem still persists, notify Bizum itself through one of its (Instagram, Facebook or Twitter). This is the suggested modus operandi for any possible problem that the payment tool may cause.
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