What is Bizum and why doesn’t it work?
Answer: what is Bizum? and understand how it works is to enter the world of digital payments. It cannot be defined as an app because Bizum is integrated with the mobile apps of major banks and allows direct operations. It is rather a technology, a system to make payments instantly and privately between users, secure and immediate payments.
Bizum is a solution for sending money to other people without requiring an IBAN. It is a new offering that comes to compete with industry giants like PayPal. Bizum is gaining ground and expanding as an alternative that can solve the mechanics of transferring money digitally.
How does Bizum work?
Understanding what Bizum is enters the world of transactions between individuals. The system is presented as an alternative to traditional bank transfers, competing directly with industry giants such as PayPal. As a positive side compared to a traditional bank, payments through Bizum are credited instantly. It is independent of the bank you usually work with.
The payment platform is Bizum, but the functions are integrated directly into each entity’s electronic banking application. It is not necessary to download any additional application, being able to use it directly from home banking. Most Spanish banks are already supported to work with Bizum, but we include a list of compatible organizations to save you time.
What to do if Bizum does not work?
If transfers via Bizum are not working, you can try some alternatives to solve the problem. From updating apps to restarting apps or contacting a given bank.
- Restart the bank appSince Bizum works on home banking applications, the first step in the event of an error is to turn off the device. If Bizum does not work, you can restart the phone or directly restart the banking application. Sometimes errors are caused by a cache file that is not configured correctly.
- Update the bank appIt is important to have the latest version of the banking application. If the Bizum platform is not working properly, it may be due to a recent change in the system files of the application.
- Consult the bank or waitIn some cases, the level of operations is so high that the system makes errors. Try waiting a few hours to transfer money again. If waiting does not work, try contacting your bank’s technical service immediately.
- Reinstall the appAs a last resort, you can try uninstalling and reinstalling the Home Banking app. This ends up reinstalling the system files needed to run any applications again. It’s the best solution for Bizum to work properly again.
Bizum compatible banks
To use the payment and transfer platform, you must review your bank’s application by looking for the Bizum option. Financial institutions that have already confirmed compatibility include:
- Mediolanum Bank
- Engineers box
- Rural box
- Deutsche Bank
- Eurocaja Rural:
- Imagine a bank
- Working Kutxa
- Direct office
- of Yunika
What can you do with Bizum?
The Bizum platform allows easily send money to other users or request payment. The whole procedure is free and immediate. The only requirement is that the user also has an account with one of the supported banks. You can also donate to NGOs to raise money and help them achieve their goals.
Each participating bank can set transfer limits, although so far the limits are usually between €0.50 and €150. Some organizations may raise the limit a little further, allowing slightly larger transfers. At the moment, Bizum is a completely free platform, but in the future it may start charging commissions. They didn’t say anything about it, but it would be understandable after a reasonable period of the tool’s free offer.
Shop online with Bizum
Another opportunity to understand what Bizum is and how it is used pay for your purchases in online stores. The only thing we need to enter is our phone number in online stores that support payment through Bizum. The operation is then validated and this way we maintain security in all our transactions.
It platform developers they are working on introducing a mobile payment system for brick-and-mortar businesses soon. Initially, Bizum was compatible with only 15 banking organizations, but the popularity of the system allowed to expand its reach. Today, 26 banking entities and more than 3.5 million users operate throughout the territory. According to the company’s financial data, more than 30 million transactions worth 1500 million euros were carried out. The future of digital transactions is just around the corner and Bizum is joining to compete in a high growth industry.
How to link Bizum to your account?
To guarantee Bizum identification and security, the platform allows linking only bank account and phone number. It only takes a few seconds to change the linked account if they belong to the same bank, but if you want to switch to another bank, you must cancel the service first. Then we link a new account again and continue trading.
Another factor that warrants bizum security and transactions, it’s integration with home banking mobile apps. Every bank adds Bizum and can use the platform while protecting user data and money in circulation. You need your online banking credentials and authentication PIN to work, and you’re signed in every time we do a new operation. This secures our money movements and comes with a confirmation SMS to cover all chances of fraud or identity theft.
With the clear aim of competing against giants like PayPal, Bizum was well received in the Spanish territory. It is a complete and versatile platform that facilitates user-to-user payments.