What is Bizum and how does it work?


Since its irruption in 2016, the Bizum payment method has not stopped growing. Its impact on electronic commerce is being sensational, having already reached 1,000 million transactions, of which 990 million correspond to payments made between individuals. But payments in associated shops and businesses are also growing, for example in casinos with Bizum, since there are many operators that already offer to make deposits through this service.

In 2016, Spanish banks agreed to offer a mobile payment solution that was immediate, comfortable, secure and easy to use. The result has been a complete success and Bizum is establishing itself as the preferred online payment method among the Spanish. Do you need money? Wait I’ll make you a Bizum. Bizumers, as the user community is known, already number in the millions.

First steps: register in Bizum

To access all the advantages offered by Bizum, it is necessary have a bank account (IBAN) in Spain. At the moment, there are no associated accounts abroad. Here you can consult the list of banks that work with Bizum. A mobile phone number is also required to use the app. However, your phone number can only be associated with one bank account, although it is possible to change the selected account (and bank) as many times as you want.

First you will have to enter the website of your bank and download the app to be able to use the service from the comfort of your mobile. All banks have a page dedicated to Bizum. Once in your bank’s app you should look for the option to send and receive money with the payment method. Activate the service. You are now part of the Bizumers community!

Banks that accept Bizum

More than 30 banks in Spain already have the service that you can access from the bank’s mobile application. Result a very comfortable and completely secure way to use electronic banking And, furthermore, at no additional cost. Well, unlike e-wallets, Bizum is not a private company that processes payments. It is a service operated by the Spanish bank.

Although Bizum does not allow you to associate different bank accounts with the same phone number, it does you can associate several phone numbers to the same account with Bizum. If you want to change accounts, once you enter the application of the entity you want to change to, the service will ask you if you want to make the change.

How to make a Bizum

With Bizum you can do payments to individualsthat is, a digital, immediate and secure bank transfer, or also make purchases in online stores and face-to-face In this section we clarify how to make transactions between individuals, that is, how to make a Bizum.

Bizum has arrived to replace hard cash. But don’t worry if you’ve paid for dinner and are running low on funds, because your friends can contribute to the account without having to hunt for cash. Enter your bank’s app and select the Bizum service. Among the options choose “Send Bizum”, if it is the case that you have to pay, or “Request” if Bizum has to do it to you. All the sea of ​​simple.

Send and request money

Through Bizum you can send money from €0.50 and the maximum amount that can be transferred at once is €1,000. But you can do as many Bizums as you like in the same day. Interesting are also multiple transfers. You can send or request money to several Bizumers at the same time, and in a single operation. When sending money to an individual, when entering the recipient’s phone number, you will see that there is a + symbol to add other contacts. The same if you need to request money. In this case, you can add up to 30 contacts at a time.

Payments with Bizum: buy online

With Bizum you can carry out not only transactions with individuals, but also payments in businesses, both online and in person. We explain how to do it. There are 3 forms of payment in shops. The first is online, that is, making purchases online, which is the way that immediately became popular among Bizumers. First you have to make sure that the store or company accepts Bizum as a payment method. If this is the case, select the service and enter your mobile phone number. You will receive a key or an SMS with which you confirm the operation. There are already more than 22,000 businesses that accept Bizum as an online payment method.

Payments in face-to-face stores are made through a link. Here, the merchant is the one that generates the payment request through the mobile phone number. You will immediately receive a message to carry out the operation through your bank’s app. In addition, there is also the payment method through a QR code that is used in the State Lottery and Betting Administrations. To do this, you have to select the option to pay a prize in the Bizum application. This is how the QR code that is scanned in the lottery administration is generated; then confirm the operation.

How safe is Bizum

The service is backed by Spanish banks and boasts of being 100% sure. Namely, money transfers are protected by the bank’s security systems to which you have associated Bizum. But how secure is online banking today? Transaction authentication and verification processes have been greatly improved. The transaction authentication number (TAN) or the two-factor verification process have provided additional layers of security for your mobile transactions.

From Bizum they warn of the possible scams when accepting a money transfer:

  • The most obvious scam is when the scammer, posing as a salesperson, ask us for an advance payment.
  • There is a scam when the scammer, pretending to be a customer interested in something we want to sell, asks us that he needs our phone number to make the payment. The operation appears as a request for money and if we are not attentive we will end up paying instead of receiving money.
  • Beware of fraudulent messages when they tell us that they have made us a Bizum by mistake!

Is it possible to cancel Bizum?

There are several typical cases that can help you in this regard. That is, for example, when you have sent or received money by mistake. To do? We explain how to cancel your unwanted Bizums.

  • The bad news is that the Bizums you have made cannot be canceled. In other words, there is no way back for sending money. So think twice before accepting a shipment. In any case, you can always try to contact the recipient of the transaction and explain the error, which usually does not work well. It is best to immediately contact your bank to cancel the operation. Since Bizum is immediate, you will have to hurry very, very fast.
  • With money requests it is much simpler. No one can force you to accept it, because you have the last word. In your favor also note that in the case of requests for money you have up to 7 days to accept itso if there are any doubts you will have a week at your disposal to make sure of the veracity of the transaction.
  • We recommend that if you receive an unsolicited Bizum or you don’t recognize who sent it, please don’t accept it. It is almost certainly a scam. Someone is after your data, your phone number, and he wants you to take the bait. Contact your bank in this case.

Frequently asked questions about Bizum

Despite how well-known it is and the number of people who use the service in Spain, there are still many customers who are somewhat disoriented about Bizum’s functionalities, and still wonder what it is. We leave you with some of the most frequently asked questions that users of the service ask themselves. sure that they will help you get to know Bizum better.

1. How is Bizum used?

To Bizum accessed from your bank’s app that you will have to download to use the service. From here everything is very easy, both to send how to request money. You only need the mobile phone number of the other person.

2. How much money can I send with Bizum?

There is a limit to the amount of money you can send with Bizum. Transactions cannot exceed the sum of 1,000 euros. Although then you can make the number of transactions you want. In any case, each bank can establish a different policy. If there is an unusual number of transactions, it is very possible that your bank will ask you for an explanation.

3. How much does it cost me to send money with Bizum?

Sending money through Bizum does not cost anything because it is a free service of Spanish banking that has established this free, immediate and secure contact between bank accounts to facilitate sending money online. In any case, be careful of the commissions that each bank can establish on its own initiative. Today, one of the great advantages of Bizum is that you can carry out online shopping.

4. Is Bizum compatible with WhatsApp?

For now, BBVA is the only bank in Spain that offers the possibility of using the Bizum service via WhatsApp. BBVA Cashup is called the application. To do this, you must add the BBVA Cashup keyboard from the bank’s app to your Bizum service so that it is available on WhatsApp.

5. How is Bizum different from an online bank transfer?

Bizum means online banking in the simplest way possible. To make a transfer you need to know the IBAN of the person or entity receiving the money. In Bizum you only need to know the mobile phone. But when things are the sea of ​​​​simple problems also arise. Be aware of the scams with Bizumwhich are a reality.


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