It is the most used payment method in Spain and after five years of operation it has reached 20 million users. Now Bizum wants to become free and this is his big challenge for 2022.
We all use Bizum, certainly on a daily basis. The comfort, simplicity and immediacy of the service are what convinced us all. And the fact is that Bizum is done with delinquent friends, which is a historic step.
Making payments to friends, family, or even the store below your house is immediate and easy. Nothing to ask for long account numbers, to put the full name, to fill in the concepts, to put the password according to the coordinate which it touches and to wait a day.
Since Bizum should see your contact list, select the person and send the money. So fast, so easy. And also that dangerous if we do not use it correctly.
Still not benefiting from the benefits of Bizum? We tell you what it is and how it is used and everything you need to know about this mobile payment platform.
Despite the fame and popularity of the app, Its leaders assure that until 2021, they did not have any advantages, i.e. one million euros after nearly a decade of losses. And, being popular and used doesn’t always mean being profitable.
Yet Bizum is exactly where it wanted it to be, with a user base that nearly 20 million users in Spain with 32 member banks and neobanks and with the intention of continuing to innovate for 2022.
Despite the fact that Bizum has been with us for a long time, the payment tool tries to update itself every year, as you well know.
In 2021 we saw how Bizum created and established the Bizum password to pay locals, in this way we can pay in shops, restaurants and premises through Bizum in an easy way and without the need for a card.
Bizum has become the most popular payment system between individuals via mobile phones in Spain. As in any other medium, scams are also possible. What are the procedures to follow to claim?
And the objective they have of the company is to bet on becoming independent in 2022, so we are facing the great Bizum revolution for the next year.
As explained from the StartUp, they are creating an independent application that will not replace the current one from our bank, but will rather be a complement.
The app is currently under construction and the idea is to launch it by 2022.
As they explain, the goal is to expand the possibilities of mobile payment that Bizum currently offers. So in the new app you can create groups for payments and distribute expenses, whether with friends, roommates or as a couple.
In addition to this great leap to become independent, Bizum is also testing the international terrain, since as you currently know, it only operates on national territory.
Bizum and transfers, two valid payment methods but different in their operation. Which is the safest method?
And their expansion plans don’t end there, but the director himself acknowledges that they are studying the implementation of payments and collections for companies, in addition to payment in joint purchases between friends.
To all this we must add that Several municipalities and administrations will start in 2022 to include Bizum as a method of payment when paying certain taxes.
If you do not want to use Bizum or do not agree with any of its conditions, there are other equally valid alternatives. They are the best.
At present, it is known that the Provincial Council of Gipuzkoa will integrate this payment gateway in its new policies in order to achieve its objectives of security and saving time in bureaucratic procedures.
In this way, Bizum stands out from the rest of the free options that we already see on the market, which copy its features to present themselves little by little. And while they are very useful, few are as comprehensive as Bizum or have the support of so many banks.
As you can see, those of us who use the Bizum free instant payment app are lucky because in 2022 the tool is going to become more comprehensive. Ease of payments is one of the big milestones for fintech companies and the reason for their success.