Bizum – How it Works – Opinions

The current economic context is very dynamic, so banking operates in very particular circumstances, especially because its performance takes place in an environment plagued by many pressures.

The constant constraints arising from critical observers, the institutional requirements and those of this time as turbulent as the current one, have led to an accelerated technological update for several years, whose pace is still in force.

Bizum application is precisely the product of these convenient blocks or unions and behaves as a platform or service compatible with most of the components of the sector, tending to encourage payments that occur online or directly in commercial establishments, as well as transfers between individuals, are executed from the common mobile phone.

how to download and activate bizum

Although Bizum banks to date operates with some limitations, since it only offers the possibility of making instant money transfers between users, it currently has a technological status such as the high functional expectations it has to develop and execute in the near or immediate future.

Next, we would like to present a complete profile of this platform and which are its main features so that you can get to know it better. Which is how it works, its maximum usefulness and some of the reasons why you should not leave this service.


What is Bizum app?

As preliminary information, it is necessary to reiterate that this is a technological platform or service, clarifying that the applications belong to each bank.

Today there are many traditional applications hosting the Bizum platform and although there are many different applications, the basic operation of all these is the same.

To date and as stated above, Bizum can only offer those who prefer it as well as its potential customers, the instant payment service between users, joining the applications of banking institutions.

This made it necessary to renew business policies by generating new strategic alliances, tending to establish a solid financial block, capable of facing the technological titans that have dominated the market for a long time.

How it works?

This process involves several steps, all of them simple and understandable for the user:

  • The first step is to download Bizum, install the app and activate it, as well as the respective configuration of the application, taking into account that the requirements or collections established to have access to all applications own the member banks of the alliance it represents.
  • Bizum requires the same credentials required to access online banking.
  • Once the procedure has been accepted and in the event that the interested person is the holder of more than one bank account, it will be necessary to choose only one, the one that we have decided to join the service.
  • Bizum two accounts: You can only have one associated account at the time of joining, then it can be changed at any time.
  • It can be set up in a very simple way, both when choosing the account to be linked to the service and to confirm its number. However, it is necessary to consider that when configuring it, the registration of the mobile phone number in use must be verified, with the proper verification by means of the well-known text message.
  • In this regard, it is essential to underline that the current number for the transaction is the one formally recorded or registered by the bank, according to the information that was provided at the time, to use a different one requires the change of the number that was duly registered by the bank.
  • Once the user within the initiated procedure has exhausted the verification phase of the number, the configuration phase can be concluded and the mobile phone will be associated with the bank account to use with the service, if more inconveniences.
  • To send money you need a contact, an amount and a button.

This way, all the elements required to make the first transfer via Bizum are complete. The main screen of the application shows two possibilities to access, one is to send money and the other to request money, so it is clear which of the two we have to access.

On the first occasion we see a small guide on how it works: our diary allows us to visualize the people who are already using Bizum and those who are not, although we can all make a transfer.

The fundamental difference is that the first ones will receive the money in their account, the second ones will receive a text message with a link that invites them to install the corresponding application, giving them a space of seven days to do it and to be able to receive the money.

Depending on what has been said in this presentation, it is essential to describe in detail how the transfer will be made. The first selection to make is the source account, which must always be the one associated with the service and can only be changed at the time of setting up.

Then it is necessary to proceed to select the person who will benefit from the operation, to do this you must make use of the phonebook or write the appropriate telephone number, although if you wish we can access the contacts and identify those who are already enjoying Bizum. Now all that’s left is to go ahead and choose the amount and place a concept or identify the reason for the transaction.

With Bizum send and receive money with your mobile phone instantly

When you touch send money you will receive a verification text message that together with a code you will have to incorporate the application for mobile payments, this way the process of making transactions comes to an end.

It is important to indicate that at the same time or simultaneously our contact must receive another text message, confirming the effective admission of the transferred money, which will be available in your account at the moment, being also visible the operation in the history of verified operations for the referred application.

Bizum or twyp

That is not easy to decide since both applications work very well and although they are very similar they have their differences, it depends on which use we want to give you will have to choose one or the other.

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