The digital payments market in Spain is experiencing significant changes and bizum is at the center of this transformation. The platform stands out as the preferred environment, sending money between usersIt is implementing changes that are expected to benefit its 24 million active users.
Currently, Bizum is linked to 37 banks in Spain, including institutions such as Caixabank, BBVA, Banc Sabadell and Banco Santander. This service allows users to perform the following operations: instant transfers using a mobile phone linked to a bank account. In addition, it has expanded its functions, allowing payments in online stores, donations to NGOs, lottery purchases and paying taxes in certain autonomous communities.
Bizum news that will affect you from now on
One of the challenges Bizum faced was inequality. Transaction limits imposed by different banks. The diversity of these criteria has created confusion and difficulties for users when performing transactions. According to the data received Organization of consumers and users (OCU)Bizum has managed to surpass other digital payment methods such as PayPal and Google Wallet in terms of popularity, probably due to its ease of use and the absence of commissions on instant transfers.
Considering its growth and popularity, the decision was made. Combine maximum transaction limit per operation with 1,000 euros for all relevant banks. This change is especially important for users of banks with a previously set limit of 500 Euros, such as Caixabank and BBVA. In addition, a daily transaction limit of 60, a monthly limit of 5,000 euros and a daily transfer limit of 2,000 euros were defined. The minimum transaction limit will remain at 50 cents.
This latest change to the limits aims to adapt to the daily needs of users. For example, the average rental price in Spain is 674 euros per month. Making this payment through Bizum was complicated for many users due to previous limits.
However, it is important to note that: the Tax Administration Introduced restrictions on transferring large amounts of money through Bizum. A limit of 500 euros has been set for transfers, and higher amounts will need to be declared to the tax authorities.
These changes underline Bizum’s adaptation to an ever-evolving market and reflect its commitment to providing an efficient and reliable service to its users.