The Bizum payment system is about to take a key step: its arrival at physical stores. Banks and large distribution chains are already negotiating the conditions to implement this payment method in stores in the coming weeks.
The objective is clear: to allow customers to pay directly with their mobile phone, without using a card, in a move that could change the current payment model.
How payment with Bizum will work in stores
The new system will be similar to the current use of cards or mobile payments, but with a key difference: the money will be transferred directly between accounts via Bizum.
The user will only have to use their mobile phone to complete the operation, without needing to enter card details or depend on intermediaries.
In addition, the launch of a specific wallet integrated into banking applications is foreseen, which will facilitate in-store payment quickly.
Goodbye to cards: banking seeks to compete with Visa and Mastercard
With this move, the banking sector tries to reduce the dependence on large international networks like Visa or Mastercard, which currently participate in most card payments.
The Bizum system eliminates part of that intermediation, which allows reducing costs and simplifying transactions.
Less commissions for businesses
One of the key points in the negotiations is the cost for businesses.
The financial sector assures that the fees will be lower than the current card ones, which could accelerate the adoption of the system, especially in large chains and supermarkets.
Europe drives its own payment alternatives
The advance of Bizum fits into a broader strategy at a European level to develop own payment systems. The European Union seeks to reduce its technological dependence in this area, with initiatives such as the extension of Bizum-type systems to other countries or the development of the digital euro.
When will payment with Bizum be available in stores
The sector's forecasts point to a launch at the end of May, initially in large stores and businesses with a higher volume of payments.
From there, the system could progressively extend to the rest of the establishments.