Bizum acelera su desembarco en las tiendas y alcanza a 20 millones de usuarios

Bizum, a payment platform in Spain, is rapidly expanding its in-store payment capabilities and has reached 20 million users. Over 60% of the platform's users, or nearly 20 million, are now able to pay for purchases using Bizum through their bank's app or the Bizum Pay digital wallet, which launched this Monday in English and the official languages of Spain.

More than 1.6 million stores already accept in-person payments via Bizum, accounting for approximately 75% of bank terminals in Spain. The functionality is being rolled out to both small businesses and large retailers. Bizum reports positive reception for in-person payments, with an average of three transactions per user per week in the latest weeks of the initial rollout.

The payment process works similarly to other NFC-based payment solutions such as Apple and Google wallets, allowing users to pay in physical stores by holding their phone near the terminal. To offer the option of paying with Bizum, merchants do not need to replace their existing terminal; they simply need to contact their bank to activate the service on their terminal.

Financial institutions are intensifying the rollout of this functionality in the coming weeks to reach more businesses and people. Bizum launched the payment service partially on May 18 with reduced availability for customers and physical merchants. The initial launch was delayed until after the summer to integrate Visa and Mastercard cards into Bizum Pay, as these international networks have their own certification and privacy standards that must be met when their credentials are added to the system.

Using Bizum for in-person payments provides banks with cost advantages compared to card payments, as Bizum is a payment method that directly transfers funds from account to account, while card payments involve paying fees to Visa and Mastercard. Bizum only covers the costs of its infrastructure. Beyond costs, the ability to pay with Bizum in stores provides Spain's banking sector with an alternative payment method separate from Visa and Mastercard.

To promote the service, Bizum launched a campaign on Monday called "Primeras Veces," playing on the idea that while the payment provider is not the first to offer in-person payments, it guarantees a convenient, fast, and secure experience.