Bizum mobile payment service

Bizum is a leading Spanish mobile payment solution launched in 2016 as a joint effort by the Spanish banking industry. Unlike traditional international credit card networks, Bizum was created to facilitate immediate person-to-person (P2P) transfers and commercial payments directly between bank accounts using a mobile phone number.

The service is integrated directly into the mobile apps of its partner banks rather than existing as a standalone consumer app. It is owned and managed by Sociedad de Procedimientos de Pago, S.L., an entity formed through the collaboration of nearly thirty banking institutions in Spain, representing almost 100% of the market share in the country.

While primarily available in Spain and linked to Spanish bank accounts, Bizum has expanded its utility to include online shopping transactions and donations to NGOs. It remains a benchmark for interoperability in the European banking sector, effectively digitizing the use of cash for daily transactions.