We all know what a Bizum transfer is. Many have used it to split bills, pay friends, or make instant transfers to other accounts. Yet questions have lingered about misdirected payments and safety on certain websites. To clear up concerns, Bizum has introduced a feature that adds protection to the system.
Bizum has become Spain’s favorite way to send instant money among friends, family, and merchants. With more than 27 million users, the service offers a range of advantages that suit a wide variety of situations.
This mobile payments system lets users send and receive money instantly without cash or card payments. To use it, you simply need a mobile phone and a Spanish bank account linked to Bizum. One standout advantage is that it works regardless of which bank you belong to.
Bizum grows year after year
In 2023, Bizum reached 27 million users, up 40% from the previous year. The app handles more than 60 million transactions each month and processes thousands of transfers every minute. The total amount moved through Bizum surpassed 40 billion euros in 2023.
These figures reflect Bizum’s ability to reduce costs tied to cash and card usage. Transactions through Bizum are traceable, aiding efforts to curb the shadow economy. The service also improves financial access for people without traditional card ownership. Nevertheless, security concerns have long been a focal point for users and regulators alike.
The tool that protects payments
More and more online shops accept Bizum as a payment method, representing about one fifth of transactions. Many websites offer Bizum as a payment option, but security gaps can threaten the entire process. About 10% of Bizums occur in physical stores, a figure that continues to grow.
This data prompted Bizum to pursue a major security upgrade. The company introduced a Digital Identifier to secure access across diverse sites without requiring separate registrations for each portal. Registering with this identifier only requires a mobile number and the user’s bank application.
Registration through the app is straightforward and secure. The Digital Identifier limits the information shared with portals to what is strictly necessary for the transaction. Users enrolled in the system avoid repetitive registrations across sites, while merchants benefit from a smoother checkout flow and faster payments.