NewTech Friday: Bizum – Real-time mobile payment solution from Spanish banks

Bizum is a leading Spanish instant payment service company. Its Business Development Manager Fernando Rodríguez Ferrer presents the company and shares the latest developments and future prospects for Bizum.


What led to the creation of Bizum?

In 2016, the main Spanish banks decided to join forces and collaborate to cover a need of banking users that until then had not been satisfied: that of making immediate mobile payments in a convenient, secure, fast and simple way, with a better user experience. Thus, Bizum was born as an innovation and collaboration project of Spanish banking.

Based on linking each customer's mobile phone and checking account, Bizum was initially launched to make immediate account-to-account payments between people, and then gradually provide users with other possibilities to make everyday payments.