Bizum digital payment service

Bizum is a prominent Spanish mobile payment solution launched in 2016 through a joint initiative of the Spanish banking sector. It allows users to make instant transfers between bank accounts using only a phone number, integrated directly into the various mobile banking apps.

Since its inception, Bizum has grown from a peer-to-peer (P2P) service to a multifaceted payment system that facilitates donations to NGOs, payments at physical and online merchants, and state lottery payouts. The service is unique in that it is not a standalone app but a collaborative utility owned and operated by a consortium of major Spanish financial institutions, ensuring widespread compatibility and reliability across the Spanish market.