The use of digital payments has doubled in developing economies over the last ten years, according to a recent study by the Bank for International Settlements (BIS). Nearly 60% of the population in these countries use them in their daily lives, which not only gives an idea of the progress of digitalization but also provides significant economic advantages.
According to the BIS, a 1-point increase in the use of digital payments boosts GDP per capita by 0.1 points over two years, improving access to financing and other financial services, which increases financial inclusion and contributes to economic dynamism.
These figures go hand in hand with the digitalization of the economy, a global phenomenon that has changed the way we communicate and access all types of private and public services, which is also reflected in a higher demand for digital payments. And especially for instant transfers.
Because they are a clear example of the accessibility and agility that digitalization brings us. It makes it possible for money to be in the beneficiary’s account in a few seconds, at any time of the day or night and every day of the year. That is what “I’ll send you a Bizum” means.
The expression, which is becoming increasingly common, has made Spain a leader in the adoption of instant transfers at a European level. 53% of all transfers are instant, compared to 15% in the Union, and 95% of these operations are carried out through Bizum.
This is not the result of chance. Bizum is the result of the collaborative effort of Spanish banks, generalizing its use in payments between individuals and also companies in an easy, fast, and secure way. This is the same objective pursued by authorities at the European level. And it can be achieved with greater determination by extending success stories. Therefore, the agreement for interoperability between Bizum, BANCOMAT (Italy), and SIBS (Portugal) is great news today and can bring significant progress in the future.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
