Bizum pushes to conquer online payments

Bizum pushes to conquer online payments by offering its services to online stores starting this month.  

Since May 5th, Bizum customers can use the tool to facilitate their payments in online stores. Launching the feature may take longer for some internet users, but it will help brands sell more online, and more users will opt for this shopping option.

To use Bizum to make purchases on e-commerce platforms, banks must accept incorporating the new function. The first to do so will be BBVA, where customers only have to go to the Bizum section within the bank's app and activate 'Bizum commerce payment'.

The functionality is used with a given email address, which users must use to log in to online stores. Once that is done, they can use that payment system to purchase products on the e-commerce platforms.

The Bizum shopping service is free; users can check which websites have signed up for the function.

Bizum, a Spanish mobile payment solution

Bizum is a payment service provider in Spain, resulting from the collaboration of 34 banking institutions in the country to create a system for instant payments between individuals and store purchases. In 2019 Bizum surpassed 6 million users. Already in August 2020, it reached 10 million users.

Alongside the new online payment functionality, yesterday, Bizum also announced multiple new changes regarding the limit for sending money per day and month. 

Specifically, the amount of money Bizum can send to another account in 24 hours is increased to 2,000 euros. And up to 5,000 euros in sending money within 30 or 31 days.

New monthly limit

As for the monthly limit, it must be used according to the limits and rules of the entity, under a maximum number of 60 operations, which are those that a user can receive at most per 30 or 31 days. 

Because the platform introduces new limits and changes the conditions of instant transfers between individuals, specifically, the maximum number of transactions per month between individuals has been reduced.

Previously, a user could perform up to 150 transactions per month, but with the new conditions imposed by the platform, he will only be able to perform 60 transactions per month.

This limit will only apply to payments between individuals; therefore, a person with Bizum can receive a maximum of 60 Bizum per month but can send as many as he/she wants. In addition, the banks can further reduce the maximum of 60 monthly transactions if they deem it necessary.