Bizum

The success of Interac in Canada has caught the eye of many companies across the globe. One country that’s especially been paying attention is Spain, whose banks quickly moved to make their version of the system.

The result is Bizum, a bank transfer payment method exclusive to clients of Spanish banks. The service is designed to be easy to use, with phone numbers being the only thing you need to send or receive funds.

What is Bizum?

Bizum is a payment service operated by Spanish banks. It is built on the back of their infrastructure, meaning you must have a bank account. Since the payment option is available in Spain, you can only use Euros to deposit and withdraw. All funds are drawn to and from your bank account, ensuring maximum security and convenience.
There is one more requirement to use Bizum: a phone number. Instead of memorising a complicated IBAN account ID, the service uses phone numbers to know where to send the funds.

Bizum Account

Because banks wanted to make Bizum as easy to use as possible, you do not need to register a dedicated account. However, you will need to have an account in one of the participating Spanish banks. You can use the payment service through your bank’s app.

Company

Bizum was established in 2016 as a joint project of 23 Spanish banks. Because they own the company, banks were able to integrate the service into their offering seamlessly. That allowed Bizum to grow explosively, reaching a million users in 2017. As more people relied on the payment method, the company began diversifying its product. It allows clients to make e-commerce payments and donate to NGOs using its services.

Today, Bizum has over 24 million users, becoming the default way most people in Spain pay for things.