Bizum
Bizum is a mobile payment system created by a consortium of Spanish banks in 2016, offering instant transfers by linking users’ bank accounts to their mobile numbers.
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Country
Spain
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Population
47 million
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Number of Internet users
45.6 million
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Popular payment methods
Digital wallets (PayPal, Apple Pay), Credit/Debit cards (Visa, Mastercard), Bank Transfers (Bizum, Trustly), Buy Now Pay Later (Klarna).
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Credit Card
25%
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Debit Card
35%
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E-wallets
15%
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Cash Payments
10%
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Bank Transfers
12%
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Other
3%
- TypeMobile Payment System
- Currency:Euro (EUR)
- % of coverage:> 50% of Spain’s population
- Money transfers to date:> 1.47 billion
- Total customers:25.3 million
- Refunds:Yes
- Chargebacks:Limited
Bizum
With over 25 million users and growing, it has gained significant traction, covering more than half of Spain’s population. Initially focused on peer-to-peer (P2P) payments, Bizum has expanded its services to support online shopping and in-store payments, enhancing convenience for consumers.
Bizum’s success is tied to its use of SEPA Instant Credit Transfers, ensuring payments are settled in seconds. It has also partnered with over 50 Spanish banks, further boosting its adoption. As it expands, Bizum is poised to become a standard payment option, with plans to integrate with European systems.
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