SPAIN’s most popular payment app can now be used in shops, spokespeople for Bizum have said, as the number of users nationwide surges past 30 million.
Until now, Bizum had primarily been used for transferring money between individuals or making online purchases.
But from today (Monday), users in Spain will be able to use the service in physical shops.
The new system allows customers to pay directly from their bank accounts using their mobile phones.
Depending on the bank, payments can be made either through a banking app or via a dedicated digital wallet service, sometimes referred to as ‘Bizum Pay.’
In some cases, transactions will be completed by tapping a phone against a contactless terminal, in a similar way to Apple Pay or Google Pay.
The system is being introduced gradually, meaning the service will not be available immediately across all banks or in all shops, but full rollout is expected by early December, according to sources.
Transactions will be processed instantly between bank accounts, company spokespeople have said, with funds transferred directly to merchants without intermediaries, in most cases.
Bizum has become one of Spain’s most widely used financial tools since it was founded in 2016 by a network of 34 Spanish banks.
Click here to read more Spain News from The Olive Press.
