The Spanish digital payments scene is undergoing rapid transformation, with Bizum at its epicenter. This platform is emerging as the go‑to environment for transferring money between users and is rolling out changes that are expected to benefit its large community of 24 million active users.
Today, Bizum links to 37 banks in Spain, including Caixabank, BBVA, Banc Sabadell, and Banco Santander. The service enables instant transfers through a mobile number connected to a bank account. It has also broadened its capabilities to include payments in online stores, donations to NGOs, lottery purchases, and certain tax payments in selected autonomous communities.
Bizum news that will affect you from now on
One notable challenge Bizum faced was balancing transaction limits set by different banks. This variation created confusion and friction for users performing transfers. The Organization of Consumers and Users, known as OCU, reports that Bizum has surpassed other digital payment options such as PayPal and Google Wallet in popularity, likely due to ease of use and the absence of fees for instant transfers.
Given Bizum’s growth and rising popularity, a new policy was introduced to harmonize limits: the maximum transaction per operation is consolidated at 1,000 euros across all participating banks. This is especially impactful for users of banks that previously capped at 500 euros, like Caixabank and BBVA. Additionally, the daily transaction limit is set at 60 transfers, the monthly limit at 5,000 euros, and the daily transfer cap at 2,000 euros. The minimum transaction amount remains 50 cents.
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This latest limit adjustment aims to better align with the daily needs of users. For context, the average rental price in Spain sits around 674 euros per month, and making such payments through Bizum previously presented hurdles due to lower transfer caps.
However, it is important to note that the Tax Administration has introduced rules requiring declaration of larger transfers. Transfers above the set threshold warrant reporting to tax authorities, reflecting a broader effort to monitor larger movements of funds. This shift underscores Bizum’s ongoing adaptation to a dynamic payments landscape and its commitment to delivering a reliable and efficient service to users across the market.