Definitive change: paying with Bizum in physical stores is now a reality
It was only a matter of time before the world of digital payments took another turn. This Monday, May 18, a new regulation comes into effect that will allow Spaniards to pay at physical stores with Bizum, the system that has already revolutionized transfers between individuals.
Until now, sending money with Bizum was easy and instant, but now things get serious: it will be possible to use it as a direct payment method at stores, bypassing the classic intermediaries like Visa or Mastercard.
What exactly changes with the new regulation?
Payments with Bizum at physical stores
Customers of CaixaBank, Banc Sabadell, and Bankinter are the first to have access to this new feature, which allows using Bizum to pay for products bought in person, just like with a credit or debit card.
This means that instead of swiping a card, it will only be necessary to transfer the amount via Bizum from the mobile phone, making the operation as simple as sending money to a friend or family member.
How does this affect stores?
Stores that adopt this system can benefit from a faster receipt of funds, as the usual intermediary steps of traditional card payments are reduced.
That said, it is important to bear in mind that stores will have to bear a commission for each payment received via Bizum, a cost they will have to evaluate against the time and bureaucracy saved.
Which banks offer the service and which do not yet?
First phase of bank implementation
For now, the launch is limited to customers of CaixaBank, Banc Sabadell, and Bankinter. This means only these users can start paying with Bizum at physical stores.
The Government’s intention is for the rest of the entities to follow this initiative progressively until it becomes accessible to almost everyone.
The immediate future of digital payment in Spain
The growing popularity of contactless systems has prepared the ground for this change. In 2021, contactless payment grew by 10% in Spain, the highest rate in Europe according to Minsait Payments.
Bizum is now positioned as a direct competitor to traditional systems, promising to speed up transactions and simplify the consumer experience.
Advantages and challenges of the new payment system
Benefits for consumers
- Instant and simple payments from the mobile phone.
- No need to carry physical cards or cash.
- Avoids intermediaries, reducing possible delays in confirmation.
Challenges for stores and the financial system
- Commissions that businesses must bear.
- Technological adaptation needed to accept Bizum at checkout.
- Dependence on gradual implementation by banks.
| Bank | Bizum availability at stores |
|---|---|
| CaixaBank | Available |
| Banc Sabadell | Available |
| Bankinter | Available |
With this new formula, payments in Spain enter a more immediate and digital era. What once seemed impossible is now within reach of our mobile phones and the pockets of neighborhood stores.
The challenge is for everyone to have access without complications, and for small businesses not to be sidelined by commissions and technology.
The reality is that this change can be a boost for the definitive digitalization of local commerce, or a new cause of headaches for those who live day to day on the street.
