Bizum

Mobile payment is becoming more widespread. And it is that both the device manufacturers and the banks are doing their homework to avoidcarry a wallet or cash when paying or settle accounts with friends Of course, it is necessary to have a terminal that includes said contactless technology, or the application of the shift bank that forces the other contact to also have it.The solution to this problem would be to propose an alternative universal that does not distinguish between mobile phones or banks, and Bizumwork on it.

This is a project that has been underway since last October 6 and that comes supported by 16 banks To know : CaixaBank, Banco Bilbao Vizcaya, Banco Santander, Banco Sabadell, Bankia, Banco Popular, Kutxabank, Ibercaja, Bankinter, Liberbank, Laboral Kutxa, Cecabank, Caja Sur, Imagine Bank, Oficinadirecta.com and Banco Pastor In other words, all users of these banks can use the Bizum service to exchange money with other individuals. Best of all, they don't need to download a new app.

And therein lies the key to Bizum It is almost universal , as well as practical and simple. All you have to do is register the service at the bank where you have an accountThis registration consists of linking the account number to the telephone number From that moment it is possible to use the application of each bank to carry out transfers between individuals immediately and safely Bizum updates relationships between banks, but using the same means. Therefore the process is carried out at the moment and the receiver adds the shared amount instantly. No 24-hour waiting time as is the case with regular transfers.

The process

Once the IBAN account and the telephone number have been linked, all you have to do is enter the application of any of these banks to carry out the transaction between accounts. The good thing is that it is not necessary to know the data of the other person, beyond their telephone numberThus, this is entered, the agreed amount is marked and the transfer is processed.

Since Bizum uses the usual bank processes, it is necessary to wait for the confirmation message with the security code of the bank, or use the secure code card, depending on each entity. After signing the transaction, the transfer is carried out immediately

Similarly, this service is designed to ask friends for money Something really useful for shopping together for gifts, dinners and others Simply follow the same steps, identifying the contact from whom you want to request a certain amount and carry out the process. Then said contact decides whether to carry out the transaction or not.

At the moment, Bizum only has the payment between individuals , although their aspirations are focused on purchases from mobile phones without the need for a card, in establishments or through Internet .

Now, it has some restrictions. Payments between individuals have a margin of 50 cents to 500 euros In addition, it is not possible to receive more than 30 payments from the same contact in a month At the moment it is a service without commissions, although it is to be expected that in the future it will have some type of charge .