A POPULAR Spanish payment app is gearing up for a major European expansion as part of a Brussels-backed bid to take on US giants Visa and Mastercard.
Bizum, which allows users to send money instantly using just a mobile phone number, is joining forces with European partners to create a connected payment system serving millions of people across the continent.Â
The move could eventually allow Spaniards to send money across Europe using Bizum, without needing to sign up for a new payment service.
The project will see the creation of a joint venture called the European Network for Payments (ENP), based in Madrid.
Members will include Bizum, Italy’s Bancomat, Portugal’s MB WAY, Nordic service Vipps MobilePay and Wero.
Together, the companies boast 130 million users across 13 European countries.
ENP members plan to link together their respective payment networks, allowing users to send money across borders through apps that previously operated only within their own countries.
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Rollout is expected to happen in stages, starting with transfers between individuals before expanding to online shopping and payments in physical stores.
The network is not intended to replace existing apps. Instead, it will connect them behind the scenes, allowing customers to keep using the services they already know.
The initiative comes as European policymakers push for greater independence in digital payments, with Visa and Mastercard dominating much of the international card market.
The aim is to give European payment services a stronger foothold and reduce the continent’s reliance on US-based companies.
Bizum has grown to 32.5 million users since launching in 2016.
On the eve of its 10th anniversary, the platform handles around 3.5 million transactions a day.
It has also expanded beyond person-to-person transfers, allowing customers to pay for online purchases without entering their bank card details.
Its latest development is Bizum Pay, which lets customers make contactless payments in physical shops by holding their mobile phones near a payment terminal.
The service is already available to around 21 million people in Spain, with 1.7 million establishments accepting payments through it, according to figures published at the end of September.
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