Bizum is set to release a new functionality soon that enables a wide range of payment options for consumers. While cash still holds a prominent position in payment methods, payment methods such as debit/credit cards and Bizum have grown in popularity in recent years.
In light of the ongoing pandemic, many people are opting for credit cards or Bizum to minimize contact with physical currency. Despite cash being the most commonly used payment method in Spain, it is very close to being overtaken by credit cards and services such as Bizum. Ipsos, a consulting firm, revealed in its latest payment trends report that Bizum is used in 36% of bank transfers in Spain.
The rapid growth and success of Bizum have prompted the company to introduce new features to simplify payment methods for its users. The mobile payment service has announced that BBVA banks will release a new functionality on May 5th, which will be accessible to everyone.
This new feature is expected to improve the overall user experience, as it offers a wider range of payment options. It also enhances security measures and ensures that all transactions are processed quickly and efficiently.
The new Bizum feature is a significant development that will undoubtedly simplify payment methods for users while providing greater security and efficiency.
Electronic identification and registration service
Bizum is unveiling a fresh electronic identification and registration utility to enable users to register in a single click on e-commerce webpages that provide this service. This novel attribute will not only ease access to said storefronts, but it will also furnish the user with an awareness of the frequency that this payment mechanism has been utilized to ingress a website or app of one of these shops.
BBVA was the initial financial institution to disclose this feature, having stated that “Bizum is about to assimilate a new functionality identified as the electronic identification and registration service, thus from that moment on you will possess it incorporated within Bizum in unison with the Immediate Transfers service (dispatch or solicit funds or consummate transactions at establishments) that you currently have.”