Bizum is a Spanish company that provides information society services. It was set up in 2016 as an innovative and collaborative project of the Spanish banking industry. It aims to offer a payment solution based on the instant transfer of funds between users' accounts in an efficient, fast, and secure manner for any payment scenario (P2P, ecommerce, or POS).
Bizum's functionalities allow linking in the same register – a database or directory – the telephone number and the IBAN code of a user's bank account, together with other relevant data about the user (ID number, full name, alias, and email or postal address). The information in the directory enables immediate transfers using the phones as proxies. This solution, offered to users through banking apps, allows additional use cases on top, to provide the best user experience for each payment type (selecting a payee from the Address Book for P2P, entering a phone number for fast and secure ecommerce payments without sharing other sensitive credentials, or leveraging QR/NFC to enable instant transfers for POS payments).
Banks, merchants, non-profit organisations, and end-users
informacion@bizum.es
Europe
2016
Bizum is not a regulated entity, as it is an informational service provided on top of the payment services offered by banks to users and merchants.
SCT Inst, PCI, PSD2, GDPR.
26,8 million users
65,000 merchants
99% of Spanish and Andorran Banks enrolled;
50%+ of the Spanish population registered as users;
40% of domestic merchants accept Bizum payments online.
Merchants need to have a commercial agreement with a Bizum acquiring bank.
EMPSA (European Mobile Payment Systems Association), Mobey Forum, Adigital (Spain's digital economy association), AMETIC (Spanish association of multi-sector technological companies).
If you have a mobile phone, you have money.
Yes
No
APIs
PrestaShop, WooCommerce, Magento (now Adobe Commerce), osCommerce, OpenCart, VirtueMart, Zen Cart
Acquiring integration tools or resources depend on the type of integration (direct through an acquirer bank, via an e-business platform or an ecommerce plugin)
Bizum is available on the user side at 38 banking brands (99% of FIs in Spain and Andorra): https://bizum.es/en/banks-bizum/. Find the list of acquirers here: https://bizum.es/en/method-of-payment-online/
instant/24x7
Over 80%
Yes (as the rail used is SCT Inst)
Yes, EUR
Yes (reuse of the existing banking KYC with the user's bank)
A dispute management process agreed by participants to offer similar capabilities to those applicable for online card payments.
Redsys (infrastructure), Redsys and Cecabank (payment processors), Iberpay (ACH) as partners in charge of controlling fraud in Bizum's central infrastructure. Participant banks use their own tools and processes for the same purpose.
Redsys (infrastructure), Redsys and Cecabank (payment processors), Iberpay (ACH)
Mobile banking apps of participant financial institutions
Based on the information provided by Bizum to its participants
Digital identity, recurrent payments (ecommerce), POS NFC payments, interoperability for P2P with Italy and Portugal.
https://bizum.es/en/banks-bizum/
José María Ricarte National Creativity Awards, brand/company category (2023)
Capital Awards, Best Fintech category (2020)
Rankia Awards, Best Fintech Product category (2017, 2019, 2020, 2021 and 2022)
AMETIC Digital Skills Awards, Digital Skills for Everybody category (2022)
38th ASTER Awards, Digital Innovation category
AEBrand Awards, Best Innovation Brand category (2020)
940 million
EUR 49.2 million