Technology’s future is not defined; today we can see flexible LED screens, and tomorrow holograms as in Star Wars movies and it won’t be enough to reach the maximum potential of technology. On nowadays the science of technology helps in all the areas of daily life to make of them an easy functioning; getting a taxi from a mobile application, task list in our smartphone, Personal Digital Assistants, preparing food on distance thanks to smart kitchens, and creating plasters on 3D adaptable printers, among others…
Nowadays, to carry finances with us is a very delicate affair, due to we cannot give it to the trust of any person, but, would give to you the enough confidence to let a machine handle it? A very interesting proposal that comes to the market of applications in Spain is Bizum; a mobile app in which the banks of all Spain joined to form an electronic platform to make payments on commercial entities and transfers between users of the same app.
The 95% of Spanish banks
At least 30 banks that represent the 95% of financial market in Spain joined to create Bizum and to form an alliance among each one of the financial entities. The way to use Bizum is very simple, counts with 3 basic options; make payments between friends or users of the same app, making buy on web stores with only indicating your phone number and paying on physical shops, the easiest way to forget about cash and carrying your money of different banking entities in one single mobile app.
In the mobile app store exists virtual wallets and apps to bring finances with us, basically this makes an easiest task of showing how we’re spending our money, in how much money we dispose, and only in some others to transfer money if the person has the same wallet. In difference to these apps with Bizum is that 30 banks contributed with money and effort to be better on the Spanish market offering features as before mentioned and besides the possibility to transfer in more than 30 banks between the same users or banks of the app.
Currently Bizum is in test phase and only 16 banks of the 30 o more that integrates this project are available, but as time is passing they’ll be added until check that the platform don’t present any failure. Not everything is pink; to be in a test phase the only basic and active option that is available is the transfer of money between friends or users of the same mobile app, always while it is a bank of the 16 currently authorized. The Bizum delegate has declared that transfers are free on this phase, but after this the different banks can choose the rates.
For now it’s only known that by end of October the rest of the banks will be integrated to give a final phase of the app. Some banks had to sacrifice and adapt their own virtual wallet such as Santander Wallet or BBVA Wallet to give a bigger impulse to what Bizum would be. Some of the graphic imports come from this same virtual wallet and the functioning is almost similar to the rest of virtual wallets, but with the variety that they’ll be more than 30 banks and the payments online.
¡Easy to use!
The best of the mobile apps is that provide big tools but in simple steps, such as the case of Bizum. Once downloaded the app to our smartphones we’ve got to associate to our cell phone number a bank and proceed to the action we want to do. While be on test phase, we just be able to transfer money to a friend where you choose the import to send, to receive a verification code and receive the funds immediately, as a transfer of the same bank.
Bizum has many features that we won’t see in other virtual wallets; the speed and security to send and receive money is totally immediate, not as the transfer among different banks that even can take at least 3 days, Bizum does it immediately. Bizum has permissions to read the contacts of your address book and provides you large information that your contacts have Bizum in common, and if not, you can send them a message to download the mobile app.
The bank transfers have been a financial topic very discussed due to they bring big possibilities and benefits between users, but when it’s about different bank entities is where problems occurs frequently and it’s what Bizum what to accomplish, not having problems. The main objective of Bizum is to get at least 10 million of users in its mobile app and that monthly they handle big transfers, payments to shops or online, the most known banks that currently are on test phase are: BBVA, Santander, CaixaBank, Liberbank, Cecabank, among others… In this phase Bizum added a send limit between 50 cents and 500 Euros of import (The banks will have the possibility to change this limit).