"Spanish PayPal" Bizum has reached 12 million users, with an approximate rate of 20,000 daily registrations. It's a joint project that is part of the digital innovation initiatives of most Spanish banks.
Bizum has reached 12 million users, with an approximate rate of 20,000 daily registrations, as reported in a statement released by them yesterday. In fact, they have managed to meet their goal two months ahead of schedule and only 2 months after reaching 10 million users.
The growth in the number of users has almost doubled this year so far, since there were 6.25 million users at the end of 2019. Thus, Bizum achieves a penetration close to 70% of digital banking clients in Spain.
For its part, the number of transactions has reached the figure of 225 million euros, with an associated volume of 10,800 million euros.
Ángel Nigorra, General Director of Bizum
The use of Bizum continues to be generalized among Spaniards, and our customers use the service with increasing frequency. In fact, 91% have done at least one Bizum transaction in the last three months. Now our focus is on e-commerce payments. Bizum banks continue to incorporate new businesses at a good pace, fundamentally relying, on the one hand, on a fast and comfortable user experience (since only a mobile phone is needed); and, on the other hand, in the security derived from complying from the beginning with the reinforced authentication requirements of the European Payments Directive (PSD2)
In addition to the previous ideas, in one year 4,200 online businesses have incorporated the possibility for their customers to make payments through this App, with a volume of purchases that has already exceeded 30 million euros and half a million transactions. In less than a year, Bizum already accounts for about 10% of electronic payments in the stores that offer the solution.
Without any doubt, Bizum is one of the keys to turning Spain into a country with a more digital, modern and innovative banking system, and these types of solutions are what allow the sector to move towards a brighter future.
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