Bizum reaches the online shops thanks to the fact that the European expert in payment methods, Worldline, has just incorporated this platform into its solution.
Bizum created in 2016 and managed by 32 Spanish acquiring entities (98% of the local network), was initially used to make micro payments between individuals. Currently, it has more than 18 million active users, with more than 700 million transactions carried out and a 71% penetration in digital banking clients. It is estimated that in 2030 the 60% of purchases in e-commerce and 20% in person will be made through immediate account-to-account transfers.
First international PSP
With this integration, Worldine is positioned as the first international Payment Service Provider (PSP) to offer Bizum. The solution is based on a single integration for many payment methods, including cards and alternative means of payment, such as Bizum, for Spain, iDeal popular in the Netherlands or Carte Bancaires for French consumers. Which provides added value to merchants, since all transaction results will be controlled through the same interface, along with other payment methods used.
Óscar Martínez, country manager Iberia RB Online at Wordline pointed out: “We are delighted to provide our businesses with access to Bizum as part of our offer and, therefore, increase its reach to the 18 million Spaniards interested in using instant payments in businesses”.
Paying for Bizum through Worldline has been designed to simplify the procedure and make it more visual and intuitive, creating a frictionless user experience. All you have to do is select the payment option with Bizum, enter the registered telephone number, include the password and pay.
From a commerce perspective, the integration of payment with Bizum through Worldline is very simple, so that those who are interested in having its benefits can begin to process payments in this way quickly.
Benefits for businesses
In the case of eCommerce, in addition to improving the conversion rate in the purchase process, Bizum offers a purchase adjusted to PSD2, with strong SCA authentication, and secure commerce, without repudiation. Payment is guaranteed, with returns, disputes and fraud, equivalent to current banking solutions. Includes settlement options “online” in the main account or “remitted” in the intermediate account. Finally, the shopping experience evolves towards the request of the user who accepts in his banking app.
Pay range
With Bizum it is possible to make payments ranging from 0.50 euros to a maximum of 1,000 euros per day. To avoid the cannibalization of card payments, acquiring entities allow users to carry out a maximum of 60 transactions per month and a maximum amount of 2,000 euros per day. Local acquirers charge merchants low fees for each Bizum transaction processed.
Continued growth
In 2020, payments with Bizum represented 27.9% of all digital transactions in Spain, with an average transaction value of 48.5 euros. In the first half of 2021, it exceeded the expected annual growth, doubling the number of integrated businesses.
By the end of the year, its presence will have expanded to more than 20,000 businesses, with more than seven million B2B / B2C online sales, with a 7% market share, which implies a growth of 350%. Bizum is becoming a leader by adopting an alternative payment method that is increasingly accepted by users.
