The tool Bizum, a Spanish initiative that began as a payment method for the instant transfer of money between individuals, has been gaining relevance in recent times among society and allowing financial institutions to incorporate different payment facilities.
BBVA, which allows businesses that activate Bizum the possibility of making this tool an additional payment method such as the card, currently has 3,300 stores that have operated through this platform. Until November 2021, its sales have accounted for 40% of Bizum’s total transactions and a turnover of 100 million euros. This makes BBVA the leading financial institution in sales through this platform.
The ease of payment that BBVA offers to businesses through this platform, and which allows users to make their purchases in a comfortable way, makes it possible for businesses to increase their sales. In the case of ‘ecommerce’, the payment process via Bizum has been streamlined thanks to an authentication method that only requires the mobile number, without the need for additional keys. Since BBVA pioneered this improvement, customers who complete their purchase online with Bizum has increased by over 80%.
How to pay in online stores with Bizum
For a successful distance selling, it is essential that the simple and secure payment process. With the authorization of the purchase through Bizum with the mobile number, it is no longer necessary to enter more data or previously define a password, as well as having to memorize it.
Once the user selects Bizum as the payment method and enters their phone number, they receive a notification through the ‘app’ or the bank’s website from which they accept the purchase and enter a dynamic code that they receive by SMS for the authorization of the same.
For their part, purchases by private customers via Bizum have reached from September 2020 to November 2021 las 1.4 million operations, with a turnover of almost 80 million euros, which represents around 27% of Bizum’s total purchase transactions.