Bizum has reinvented bank transfers by bringing them closer to the younger audience. Thus, from your phone you can send and receive money. That and so much more.
The bank transfer is one of the oldest things there. Instead of taking money out of your account and putting it in another, you send it directly . In the past, it was done at the window, then from the ATM and, not long ago, from the internet and from your bank’s mobile applications. But then Bizum arrived.
Bizum is not the first to offer money transfers between individuals . PayPal and others have been around for a long time. The particularity of Bizum is that it has the support of practically all Spanish banking entities and, furthermore, it is so easy to use that it has been favored by the public.
But this money transfer app serves many things. Let’s see four examples of what the Bizum tricks give of themselves to make your day to day easier in terms of collections and payments.
Multiple transfer
The most common action in Bizum is to send money to a person. But this service associated with your bank also allows you to send money to several people at the same time. Specifically, you can send money to a maximum of 30 people .
To do so, at the time of shipment you must include the phone numbers or contacts from your address book that will receive the specified amount. To do this, simply click on the “+” symbol to add more people.
Keep in mind that you will send the specified amount to each of the indicated people. If you put € 20 and four contacts, you will be sending € 20 to each one, that is, a total of € 80. The same happens if you ask several people for an amount . It will have to be the same amount for all of them. That is, you cannot pay or request different amounts in a multiple transfer.
Photo by Mufid Majnun on Unsplash
Share your bank account with Bizum
Your Bizum account is yours and yours alone. That is, only you can send and receive money with your account. But this does not prevent that if you have a shared bank account , with this trick you can use it with several Bizum accounts.
Come on, you don’t need to share your Bizum account. Instead, each user can have their own account. Of course, what will be more comfortable for you is to create a joint bank account to share expenses and income .
Money inflows and outflows will appear differentiated according to the Bizum account used in each case. So you can better control expenses.
Online shopping
Bizum has become popular for facilitating payment between individuals, but its managers want to go further and become an alternative to the credit card, PayPal, Apple Pay, Amazon Pay or AliPay , among others.
So if you are a regular at Bizum, you can go through this link and see in which online stores you can make purchases and pay from your mobile with this application. In addition to online stores, there are also physical stores where you will find the Bizum label or sticker.
Send money to someone who does not use Bizum
Although many people use Bizum, there are still those who do not have their user account activated. Either because you have never had the need or because you are not interested. The question is, what if I want to send money to someone and they don’t use Bizum? Will that money be lost in cyberspace?
Obviously, to send and receive money through this service you need to have it activated. The good news is that if you send a payment to someone who does not use it, they will receive a notification message inviting them to sign up.
According to those responsible for the service, “your shipment will remain in pending status until the recipient registers, at which point the shipment will be made. If, after two days from the date of sending the money, the recipient does not register, the operation will be automatically canceled ”.
If you ask for money from someone without Bizum, the request will be sent. And if ” after seven days from the date of shipment, the recipient does not register, the operation will be automatically canceled.”
