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. Its aim is 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).

How does the payment method work?

Bizum's functionalities allow linkage (in a database or directory) between a user’s phone number, IBAN, and other relevant data such as ID number or name. The information in the directory enables immediate transfers using the user’s phone as a proxy. This solution, offered through banking apps, supports various payment use cases (selecting a payee from the address book for P2P, using QR codes or NFC for instant transfers at the POS, and others).

Target markets

Banks, merchants, non-profit organisations, and end-users

Contact details

informacion@bizum.es

Geographical presence

Europe

Year founded

2016

Standards and certifications

SCT Inst, PCI, PSD2, GDPR.

Reach

29 million users

Acceptance

90,000 merchants

Market share

• 99% of Spanish and Andorran Banks enrolled

• more than 50% of the Spanish population registered as users

• around 80% of the digital banking population uses Bizum

• 40% of domestic merchants accept Bizum payments online

Implementation requirements

Merchants need to have a commercial agreement with a Bizum acquiring bank.

Member of industry associations and/or initiatives

EuroPA (European Payments Alliance), EMPSA (European Mobile Payment Systems Association), Mobey Forum, Adigital (the Spanish Association for the Digital Economy), AMETIC (the representative association of the digital industry sector in Spain)

Payment methods type

E-wallet

Yes

Online banking payments

Yes

Domestic or regional scheme (multibank online banking e-payments)

Yes

Direct debit

No

BNPL (instalments offering)

No

Channels

Online

Yes

POS/in-store

Yes

Technology and payment capabilities

Integration technology

APIs

Integration support

PrestaShop, WooCommerce, Magento, osCommerce, OpenCart, VirtueMart, Zen Cart

Do you offer a developer portal?

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)

Do you provide sandboxes and a testing environment?

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)

What tooling do you provide for developers?

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)

Types of supported APIs\API standard supported

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)

Do you have a fallback mechanism for PSD2's API?

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)

Connected banks

Bizum is available on the user side at 39 banking brands (99% of FIs in Spain and Andorra): https://bizum.com/es/en/banks/. Find the list of acquirers here: https://bizum.com/es/en/online-shopping/ 

Speed

Instant/24x7 or instant on weekdays/business days, depending on the country

Conversion

Over 80% 

Payment guarantee

Yes (as the rail used is SCT Inst)

Consolidated data and reporting dashboard

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)

Recurring payments

Yes

Settlement currencies

Yes, EUR

Processing currencies

Yes, EUR

Currency available for customers

Yes, EUR

Automated and instant refund

Yes

Payout/disbursements

Yes

Reconciliation and reporting

Yes

Instant settlement

Yes

Client onboarding (KYC/KYB)

Yes (reuse of the existing banking KYC with the user's bank)

Fraud and risk management capabilities

Chargeback/Buyer protection

Dispute management process agreed by participants to offer similar capabilities to those applicable for online card payments.

Fraud and risk management partners

Redsys (infrastructure), Redsys and Cecabank (payment processors), Iberpay (ACH) as partners in charge of controlling fraud in Bizum's central infrastructure – and participant banks using their own tools and processes for the same purpose.

Partners

Technology partners

Redsys (infrastructure), Redsys and Cecabank (payment processors), Iberpay (ACH)

Distribution channels

Mobile banking apps of participant financial institutions

Business model and clients

Pricing model

Based on the information provided by Bizum to its participants

Future developments

Digital identity, recurrent payments (ecommerce), BNPL, POS NFC payments, interoperability for P2P with Italy, Portugal, Poland, Slovakia, and the Nordics (Norway, Denmark, Finland)

Main clients/references

https://bizum.com/es/en/banks/ 

Awards

• 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)

Transactions

Transaction volume

1,100 million transactions

Transaction value   

EUR 56,672 million