Craftgate has integrated Bizum into its payment orchestration platform, allowing businesses in Spain to process payments more efficiently. This move is part of a larger trend, with over 85% of companies planning to adopt new payment methods in the next three years. Bizum is currently used by 29 million people in Spain, with a penetration rate of 91%. The platform processed over 123 million transactions in 2024, worth more than €6.7 billion.
Key Benefits of the Integration
The integration offers several benefits to businesses, including:
- Improved payment acceptance rates
- Lower transaction fees
- Increased sales
- Centralized payment management
Craftgate’s payment orchestration technology enables businesses to manage all their online payment processes from a single application. Jorge Sorial, Country Manager of Craftgate for Spain, notes that the integration was a priority for the company, as it allows businesses to adapt quickly to changing market demands.
Bizum is the second most popular payment method in Spanish e-commerce, with over 86,000 online merchants accepting it. The platform is expected to reach 30 million users by the end of 2025.
Instant Payments on the Rise
Spain is leading the way in instant payments in Europe, with 6% of consumers using them for online purchases. According to a survey by the European Central Bank, this is slightly above the eurozone average. The main reasons for this preference are ease of use, security, and greater privacy. Craftgate and Bizum ensure these characteristics through their payment orchestration platform.
The expansion of cross-border instant payments is a key trend in the PayTech sector. Bizum has recently enabled instant cross-border transfers in countries such as Italy, Portugal, and Andorra. Sorial expects that the demand for faster and cheaper cross-border transactions will drive the growth of global instant payment networks. This will lead to more integrated international markets and a more efficient payment environment.