Payment systems are getting a major upgrade in Europe. Bizum, Bancomat, and SIBS are teaming up to make it easier to send and receive money across borders. This means people in Spain, Andorra, Italy, and Portugal can use their phones to transfer cash instantly.
The three companies have started connecting their systems, so users can send money to friends and family in other countries just like they do at home. It’s as simple as picking a contact and entering the amount. The money shows up in the recipient’s account right away, with the same security and trust as before.
Starting this week, banks that use these systems will begin enabling the connection for their customers. By June, all banks in these countries should be on board. Banco Santander, Abanca, and Openbank are already opening up the service to their customers, with CaixaBank, BBVA, and Banco Sabadell joining soon.
This partnership, called EuroPA, is a big deal. It will connect over 50 million people and 186 financial institutions across the four countries. Bizum, Bancomat, and MB WAY are the top mobile payment systems in their respective countries, with over 2 billion payments made in 2024. They already handle more than 65% of instant payments in these countries, and in Spain, that number is over 90%.
Building Europe’s Payment Independence
The EuroPA initiative is part of a bigger goal to give Europe more control over its payment systems. It uses European standards and relies on trust in existing payment systems. According to Ángel Nigorra, director general of Bizum, “Connecting existing solutions is the best way to go. People won’t have to change their payment habits to make cross-border transfers. With this alliance, over 50 million people will be able to make payments without needing new solutions, using systems they already trust.”
The plan is to expand this partnership to more countries, making it easier for people and businesses to make payments in Europe. After starting with person-to-person payments, the initiative will likely include more uses in the future, aiming to create a strong, innovative European payment infrastructure.
