An application is something that is usually in digital stores. You look for it, you download it and you use it. But what happens if we put ‘Bizum’ in the Google Play Store search engine? The result is that we did not find a Bizum app itself, but we did find a lot of apps belonging to different banks.
Bizum and its 32 banks
This already gives you a clue of what it is Bizum, that as defined by La Caixa for example it is “a system compatible with the rest of the Spanish banking entities that connects the bank accounts of the clients 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 phone. Without pre-loads, safely and whatever the bank with which the client operates. And you can even use it on e-Commerce platforms like El Corte Inglés. Of course, 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.
Actually in Spain there is 32 entities who use it and are compatible with it. To use it you will have to download the app corresponding to the entity. But this is precisely the limitation of Bizum: It needs an application from a bank to be used.
Bizum app for 2022
Perhaps what users asked the most, especially since the service already has close to 20 million users to close 2021, Bizum is finally working on its own application, a mobile app that will work independently from those of the banks . The application is already being tested in a pilot experience by a small number of users, and its intention is to expand the options and payment possibilities that Bizum offers today.
But does this mean that you no longer have to open your CaixaBank or Santander app to send a Bizum? As we read on the site Economía Digital, from the Bizum app “It will be possible to plan and manage expenses”, and “Create groups for payments and distribute expenses, either among friends, with roommates or with a partner”. The application “will be used as a complementary channel to banks”, so it seems that it will not replace telematic payment, It will do what it says, expand payment options for users.
You will still need a banking app
At Bizum they remember that their service “It only works from the mobile application of each bank“, so that you will still have to use your bank’s app to send bizums. The company is also thinking of expanding to the foreign market – Bizum only works with Spanish banks – and developing face-to-face payments with Bizum.
So, for now, having the Bizum app will offer you more options, but if you want to move money like you do now, you will have to continue using your bank’s app. Or at least that it seems from the little data that there is on the Bizum application, that it could leave by early 2022.