Mobile payment solutions from Bizum from Spain, ATM Payfrom Italy, and MB Way, from Portugal have signed a declaration of intent for implementation its interoperability for payments between individuals in 2024according to a statement.
Bizum, Bancomat Pay and MB Way offer person-to-person (P2P) and person-to-business (P2B) payments.. The solutions are used by 42.7 million users who made 1.47 billion payments in the three countries in 2023.
The agreement they just signed specifies this Principles of interoperability between the three solutions with the aim of developing P2P interoperability in 2024 This is a first step, followed by other payment use cases in the future.
Therefore, Users can make instant payments Use your mobile phone in all three countries and take advantage of the SEPA instant payment standard. Aside from that, This alliance is open to the participation of other European payment solutions in later stages.
Accordingly Angel Nigorra, CEO of BizumComments: “The widespread acceptance of digital payment methods among users is an undeniable phenomenon. An example of this is Bizum in Spain, with more than 25 million users, where creating a Bizum is now part of the normal language of citizens.«. «With this agreement, we at Bizum want to create a solution that meets all the everyday payment and collection needs of European citizens, regardless of their country of origin. We believe that to achieve this goal, interoperability between markets is essential. We hope that this is just the first step so that users have a simple, convenient, secure and universal mobile payment method to send and receive money from other users and in the future all their payment needs, such as shopping in stores , able to fulfill“, Add.
Accordingly Oscar Occhipinti, CMO of Bancomat SpA, «Thanks to this agreement, we are proud to announce that BANCOMAT Pay® takes another step towards European interoperability, allowing Italian customers in particular to make transfers with Spanish and Portuguese users. We believe this is the right way to create a truly pan-European alternative network to increase transactions and usage of SCT-INST«.
In the words of Madalena Cascais Tomé, SIBS CEO«With this agreement we are taking an important step towards interoperability between MB WAY and the main European mobile payment solutions«. «This allows our users in Portugal to instantly send and receive money to a Spanish or Italian mobile number in the most convenient and secure way. We believe that interoperability between European mobile payment solutions unlocks the potential of SEPA Instant Payments and lays the foundation for truly efficient and innovative pan-European payments«he explains.
