17.5 C
Ibiza Town
Friday, March 29, 2024

Bizum has new rules

Bizum: the most widely used form of money transfer has restrictions that many people are unaware of.

Can I Bizum you? The expression used by children and grandparents, symbolizes the scope of the revolution in digital payments. It is now a rare group of friends, family or otherwise that does not Bizum when they get together to catch up on expenses.

This electronic payment tool allows transfers between individuals and businesses, without needing an account number, to be made in seconds. All you need is a smartphone and the bank’s app installed, a reality for eight out of ten people in Spain, according to the latest ‘Payment Methods Trends Report’ by Minsait Payments. Born as a joint innovation venture of twenty Spanish banks, including Caixabank, BBVA, Santander, Bankinter, Kutxabank and Abanca, with a market share of close to 99%, Bizum stands out as a “success story in Europe”. Banks are working side by side in the development and improvement of Bizum services, but they are also incorporating their own functionalities independently. Some banks allow multiple payments to be made, to share a payment made by a single user among several people or to pay from virtual assistants.

Are there limits on Bizum?

The banks subscribed to this form of payment have imposed a series of common rules that all users must comply with, among which are the daily sending limit, the minimum amount of money that can be sent, the maximum amount and other measures.

For example:

-Maximum amount in each payment operation: 1000€.

-Minimum amount in each payment operation: 0.50€.

-Maximum amount sent in one day: 2,000€.

-Maximum amount sent in a month: 5.000€.

-Maximum amount of operations received by a customer in a day: 2.000€.

And how many transfers can be made?

Day: You can receive up to a maximum of 60 bizums per day.

Month: You can receive up to a maximum of 60 bizums per month.

In the case of doing 60 in one day, you can then no longer do more in the whole month.

So far, there are entities that allow on-site payment with Bizum through a link to the customer’s mobile device, sent by the merchant, and that the user must complete in their app. This formula is used in different types of businesses, such as distributors, home services or points of sale that do not have a POS.

For the full article, please visit Diario de Ibiza website here.

Latest news

Related news