According to the definition of La Caixa, a Bizum is “a system compatible with the rest of Spanish banking entities that connects customers’ bank accounts linked to their mobile phone number (It is not necessary to know any IBAN code to send the money) ”.

This service allows make immediate payments between individuals just by having a mobile. Without pre-loads, safely and whatever the bank with which the client operates. The Bizum system is not an independent app, but depending on the entity, it can be found within its general mobile application or within the wallet (bank’s digital portfolio) or electronic banking.

How Bizum works

Currently, in Spain there are about thirty entities that use it. And since each entity is independent, Bizum can have different ways of being used from one bank to another, but in general it is like this:

1. Choose the entity with which you want to join Bizum
2. Search the list for the application to download in the Play Store or Apple Store
3. Download and install it.
4. Enter your online banking credentials And enter
5. Access the Bizum area or Pay between Bizum friends. If you need to register additionally, enter the same information as before.
6. Read and accept the Terms and Conditions
7. Start doing Bizums or transfers

Several details to keep in mind is that a phone number can only be assigned to a single bank account number (WERE GOING). However, you can change the selected account and bank as many times as you want. Of course, Bizum only works with one entity at a time, so you can only be subscribed to Bizum in one bank at the same time. The advantage is that you can change as many times as you want.

With the same phone number, you can be in Bizum only through one entity, but in the case of having a mobile with a dual SIM that allows you to host two different numbers, this allows you to have two simultaneous Bizum accounts. And in the event that you do not like the service, you can unsubscribe through the same channels through which you registered.

Void a payment for Bizum

I have made a mistake in sending

As we can see, using Bizum is very easy, but what if we make a mistake? What if it turns out that I was wrong sending a Bizum to the person who was not? Can I cancel that payment for Bizum? This question, one of the most asked by those who are interested in this digital payment system, is answered quickly and negatively: NO, it cannot be canceled.

According to the official blog of the company, the Bizum that are sent to another user they cannot be canceled. So from the start. If the confusion has been the result of a typing error, the way to solve it is to “contact that person and ask them to return it to you.” Another alternative is “Call the bank that issues the shipment”To see what possibilities they offer you. And the best advice is to always take your time when using Bizum, because unlike other systems you cannot override it, since in just 5 seconds your contact will already have the money in his account.

Reject a request

There is another possibility: If the person you sent the payment to when you misspelled a number turns out that they do not have Bizum, You will not receive the money immediately, but a request. That person -or yourself in case it ever happens to you and you receive an unknown Bizum by surprise- You have 7 days to accept or reject the transfer request. If for whatever reason you accept it even though the money is not yours, you have to contact your bank to see what solution it can give you.

And be careful, because there are many scam campaigns that a supposed Bizum takes advantage of ‘by mistake’ to try to rob you.