Bizum is a popular instant payment method in Spain. It allows users to make quick and secure payments between individuals or to merchants using their smartphones. Here are some key points to know about the Bizum payment method:
Bizum is a mobile application that enables users to send and receive money in real-time by using the mobile phone number associated with their bank account. It is compatible with most Spanish banks, and each user needs to link their bank account to the application to use it.
With Bizum, you can instantly send money to other Bizum users by simply using their mobile phone number. You can select the recipient from your contact list or manually enter their phone number and the amount to send.
Bizum is considered a safe and reliable payment method. The application uses advanced security protocols to protect users’ personal and financial information. Additionally, each Bizum transaction requires two-factor authentication to ensure security.
Bizum can also be used to make payments at select physical and online stores that accept this payment method. To do so, you simply select Bizum as the payment option during the checkout process and confirm the transaction on your smartphone.
Transaction limits with Bizum may vary from bank to bank. Generally, there are daily and monthly limits for money transfers via Bizum. These limits are usually set by your bank and can be viewed within the Bizum application or on your bank’s website.
Bizum typically does not charge additional fees for transactions made through the application. However, it is recommended to check the specific terms of your bank, as some may apply fees for certain operations.