Bizum is set to enhance its payment services by introducing Bizum Pay, a new NFC payment system designed to compete with Apple Pay and Google Pay. Known for its instant money transfers without fees, Bizum is already widely used for in-store payments, functioning similarly to a debit card and accepted by retailers like Amazon. By 2025, Bizum Pay will offer mobile payment capabilities, leveraging NFC technology to enable seamless transactions at any standard payment terminal. This system will be supported by most Spanish banks, allowing for quick and secure payments directly linked to Bizum accounts.
Additionally, Bizum Pay will offer flexibility by connecting with cards from partner banks, giving users the option to choose either their account or a different card for each transaction. This move positions Bizum as a formidable player in the contactless payment market, providing a versatile and user-friendly alternative to existing mobile payment solutions.
Source: Bizum
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