When it comes time to pay, the very least one expects is to have the maximum possible facilities to do so. By card, transfer, direct debit, even through Bizum, and naturally also in cash. It is fundamental for consumers to have a wide range of payment possibilities, as is the case in Spain. Ultimately, they should be able to choose the alternative that best suits them, depending on the moment, their needs, or their experience.
Cash payments are supported by generational and cultural factors, as well as the traditional view of physical money as a safe asset. However, many people also lean toward other instruments, such as cards, for their ease and control. Bizum is also being used increasingly due to its speed and security. From anywhere and at any time.
According to the Bank of Spain, the increased digitalization of payment methods is having a significant impact on how consumers pay. Thus, the use of mobile devices in physical retail has doubled since 2022, although cash and cards remain the most common payment methods.
In fact, cards dominate e-commerce payments. According to the latest data from the Bank of Spain for 2024, card payments through point-of-sale terminals grew by 9.5% annually in terms of transactions and by 6.24% in terms of amount. Meanwhile, ATM cash withdrawals fell by 1.45%, and the amount increased by 2.08%, only half as much as the previous year. Meanwhile, immediate payments, especially Bizum, stand out as the preferred form of payment between individuals.
Ease of use and security are the main motivations for trying new payment methods. Third-party opinions also play a role, much more so than the commercial strategies of companies, according to a KPMG survey. This is in all probability one of the reasons for the success of Bizum and its spectacular reception among Spaniards.
“I’ll Bizum you” has become a common expression for payments between individuals, and increasingly for private and public services. It is the best example of the sharp increase in immediate transfers within the accelerated digital transformation of society. In this way, money moves from one account to another in a few seconds, at any time of the day or night, 365 days a year, and from any location. Something as widespread as mobile phone use has become a key tool for strengthening financial inclusion.
Immediacy and total availability, combined with the ease and security mentioned earlier. The collaborative effort of the Spanish financial sector to develop Bizum contrasts with what has happened in other neighboring countries, where no sectoral agreement of this caliber has existed. The high accessibility of accounts among Spanish banks and the easy user experience, supported by mobile numbers, also explain its growth. Behind the functioning of Bizum is the fact that the mobile number is linked to the account’s IBAN, allowing a SEPA transfer to be activated immediately.
This effort has also made the internationalization of the tool possible, thanks to the EuroPA (European Payments Alliance) initiative, which integrates Bizum with similar payment platforms in Portugal and Italy. It is also open to other countries. The initiative has more than 50 million users and 180 associated financial institutions.
Possibilities are multiplying, digitalization is advancing, and inclusion is being strengthened. The payment ecosystem is becoming more diverse and innovative, tailored to people and their preferences.
Although it depends on factors external to the banks themselves—as with all other aspects of our daily lives, such as mobile connectivity and electricity supply. Recently, the immediate recovery of payment operations following the restoration of the power supply reflects the technical and human capacity of the banking sector and its operational resilience in extremely complex and exceptional situations. It highlights, once again, the value of the banking function in people’s daily lives. Even for an act as routine, for better or worse, as paying.
José Luis Martínez Campuzano, Spokesperson for the Spanish Banking Association
