Digital payments in Spain are undergoing notable changes, and Bizum sits at the center of this shift. The platform has risen as the preferred way to send money between users and is implementing updates expected to benefit its 24 million active users. It is currently linked to 37 banks in Spain, including Caixabank, BBVA, Banc Sabadell, and Banco Santander. The service lets users make instant transfers simply by using a mobile phone tied to a bank account. It has also expanded to online purchases, donations to NGOs, lottery payments, and tax payments in certain regions.
Hub: The latest Bizum developments you should know about
One challenge Bizum faced was the varying transfer limits imposed by different banks. This fragmentation caused confusion for many users when making transactions. Data from the Consumer Organization and User Association shows Bizum has surpassed other digital payment methods like PayPal and Google Wallet in popularity, likely due to its ease of use and the absence of fees for instant transfers.
Given its growth and popularity, the decision was made to unify the maximum per-transaction limit at 1,000 euros for all partner banks. This change is particularly meaningful for users of Caixabank and BBVA, which previously had a 500-euro cap. Additionally, there is a daily transfer limit of 2,000 euros, a cap of 60 transfers per day, and a monthly limit of 5,000 euros. The minimum transaction amount remains 50 cents.
This recent limits adjustment aims to fit users’ daily needs. For example, in Spain, the average rent is around 674 euros per month, making payments of this kind via Bizum more feasible under the new thresholds.
However, it is important to note that Spain’s tax authority has placed restrictions on large Bizum transfers. A 500-euro transfer cap applies; amounts above this threshold must be declared to tax authorities.
Taken together, these changes highlight Bizum’s adaptation to a dynamic payments landscape and underscore its commitment to delivering a fast, reliable service for users.