Bizum, the immediate mobile payment solution for Spanish banks, has launched a new digital identification servicecomplementary to the services that it already offers, that it will provide to the users orA method to identify yourself and access your accounts in online services and businesses safely, quickly and easily.
So, bizum broaden your horizon beyond paymentswith a digital identifier that will allow users register on websites and access them without the need for passwordsonly with your phone number and your bank’s app, thus eliminating the difficulty for the user in managing the passwords of their accounts in online services and businesses.
To identify with Bizum, users only have to access the website of any of the affiliated services and click on the option to register or access with Bizum. Once they enter their phone number, they will receive a notification in their bank’s app to confirm their registration or access and to access their account. With this, the user will be able to register and access with the security that only the data strictly necessary for that service is shared with third parties.
Bizum will also put an end to the high friction that has existed until now in the registration process in an online business, caused by the large amount of data that the user has to provide at that time.
Two Bizum entities, Santander and BBVA have already completed the development of this new functionality (in the case of BBVA, the entity has already informed its customers in its Terms and Conditions), and CaixaBank is also finalizing them. In the coming weeks, the first tests will start with the aim of testing the service and launching it later.
The differential value of the Bizum digital identifier compared to other solutions lies in the quality of its data. Unlike other “login” services used for online identification (which may not validate the information of its users, nor save the sites where they register), the information used by Bizum comes directly from the information provided by the users to its financial entity during its registration process as a client and that it has already been duly verified by said entity. In addition, this new service provides greater privacy, since the data shared with third parties is minimized, eliminating user mistrust when providing their information.
In this way, when registering on a website with Bizum, the user will not need to provide new data manuallyremaining in the banking environment, thus limiting the amount of information shared with third parties to that strictly authorized by said user and always in accordance with the European data protection regulation.
In addition, the Bizum identifier will allow users to manage the permissions granted to other companies on their personal information. Customers will be able to view where they have registered their data and will be able to edit or delete this consent according to their preferences or needs.
Advantages for businesses
Beyond the improvement in the user experience on online platforms and sites, the Bizum digital identifier will encourage an increase in digital sales of businesses that decide to implement this service, by speeding up the online registration and purchase process. In addition, it will favor the reduction of fraud, since the identification of the client will be made with validated information, ensuring the veracity of the data used when making a purchase.
The service will be available to users, businesses and online service providers as Bizum entities incorporate it into their operations, being a simple functionality to implement for businesses that already accept payment with Bizum (more than 46,000 currently ). This new functionality will also mean a decrease in operating costs for businesses, since it will eliminate the high costs of verifying the information of new customers through their own mechanisms, by delegating the registration process to Bizum.