Bizum Enables Money Transfers to Non-Users, Expanding Reach

Bizum, a mobile payment service, introduces a new feature allowing users to send money to recipients without a Bizum account. Users can send invitations to recipients, who can then register and receive funds or have them returned to the sender's account.

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Aqsa Younas Rana
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Bizum Enables Money Transfers to Non-Users, Expanding Reach

Bizum Enables Money Transfers to Non-Users, Expanding Reach

Bizum, the popular mobile payment service, has introduced a new feature that allows users to send money to recipients who are not registered with the service. This development significantly expands Bizum's reach and convenience, making it easier than ever to share expenses, pay debts, or make transactions without a card.

Why this matters: The expansion of Bizum's services has the potential to increase financial inclusion and accessibility, particularly for individuals who may not have had access to traditional banking services. As mobile payment services continue to grow, this development could have significant implications for the future of digital payments and the way people manage their finances.

To send money to someone without Bizum, users simply need to click "continue" to send an invitation message to the recipient. The recipient can then register for Bizum and accept the invitation to receive the funds, which will be available in their account. "Your contact is not registered in Bizum. We will send an invitation message on your behalf. You have to register within two days to receive your shipment automatically," the message states.

If the recipient already has a Bizum account, the money will arrive immediately, regardless of whether the sender knew about it or not. However, if the recipient does not register within 2 days, the money will not be lost; it will either be collected or returned to the sender's account, which may take 48 hours or more.

Bizum's new feature provides a faster and more convenient alternative to traditional bank transfers, which may take longer and incur commissions. Users can send money to someone without Bizum using their phonebook or by manually entering the recipient's phone number, making the process seamless and efficient.

Bizum is offered by BBVA, a banking institution that provides various financial products and services, including loans, mortgages, and accessibility features for people with disabilities. The mobile payment service has gained popularity in recent years due to its ease of use and instant money transfer capabilities.

With the introduction of this new feature, Bizum continues to innovate and expand its services, making it a go-to choice for individuals looking for a convenient and efficient way to send and receive money. As more users adopt the service, Bizum is poised to become an even more integral part of the digital payment landscape.

Key Takeaways

  • Bizum now allows users to send money to recipients without a Bizum account.
  • Recipients receive an invitation to register and accept funds within 2 days.
  • If recipient already has Bizum, funds arrive immediately.
  • Funds are returned to sender if recipient doesn't register within 2 days.
  • Bizum's new feature offers a faster, more convenient alternative to traditional bank transfers.