Bizum introduces Bizum Pay

This will enable users to make payments directly from their Bizum account or link cards from various banks.

Bizum, a money transfer platform developed by Redsys and backed by most Spanish banks, initially focused on peer-to-peer transactions. It has expanded to include payments for retail and charitable organisations. As growth in these areas stabilises, Bizum is now shifting its focus to mobile contactless payments.

Bizum Pay will allow users to send money instantly to contacts in their address book without incurring fees. The service will also enable payments in stores, functioning similarly to a debit card. Major retailers, including Amazon, have already integrated Bizum into their payment systems. The rollout of Bizum Pay is scheduled for 2025, aiming to improve the current mobile payment landscape alongside established options like Apple Pay and Google Wallet.

The new platform will utilise existing payment terminals and will be associated with users' Bizum accounts. Bizum Pay will accept both Bizum account transactions and cards from affiliated banks, allowing users to choose their payment source.

Expected to launch in mid-2025, Bizum Pay will be compatible with Android and iPhone devices, as Apple has made NFC technology accessible in Europe. This development marks a significant step in the evolution of mobile payments in Spain.

Spain’s mobile payment adoption

Spain's adoption of mobile payments has been strong, though it still lags behind some European leaders like Sweden and the UK. In countries like Sweden, where cash is becoming nearly obsolete, mobile payment platforms such as Swish dominate the market. The UK has also seen rapid adoption, with services like Apple Pay and Google Wallet gaining widespread use across all age groups. Spain, while not at these levels, has made significant strides, particularly with the rise of Bizum, which has become the preferred platform for peer-to-peer transfers among Spanish consumers. Spain's mobile payment adoption is also increasing due to the country's smartphone penetration and the growing availability of contactless payment terminals.

Spain’s reliance on platforms like Bizum gives it an edge in fostering local innovation, as the platform integrates with most Spanish banks and caters specifically to domestic users. As Spanish consumers become more accustomed to contactless payments, the country is poised to catch up with European leaders, particularly as more retailers and businesses continue to adopt mobile-first payment solutions.