Payment via Bizum has become one of the most popular methods, according to a investigation carried out by the Organization of Consumers and Users (OCU) last January. Indeed, 63% of respondents say they have used it in the past year, exceeding payment platforms such as Paypal (45%) or applications such as Apple Pay or Google Wallet (28%).
Bizum, that started its journey in 2016 With the aim of facilitating small transfers between individuals, it is expanding its functions and already allows purchases to be made in physical stores. In addition, more than 30 banks in Spain accept operations with this method. In fact, the service added 20,875,000 users and 1,160,000 operations since he started his journey.
However, on July 12, the Bank of Spain issued a caution on its website: the limit of transactions received is 60 per month. These are the questions you need to consider when using Bizum.
What is the limit of operations that Bizum allows to perform?
Both Bizum website as the opinion of the Bank of Spain itself indicates that the limit of operations that an individual can receive is 60 per month. What if they exceed? The platform will send a message to the person who wishes to make the payment to inform them that the operation cannot be carried out and therefore no movement will be made on their account.
However, you must differentiate between received and sent transactions. While for the first, the limit is 60, there is no limit in the case of the envoys. This means that a person will have no problem making the payments they want through Bizum, but there are limitations when receiving them.
With this in mind, it should be noted that, as an exception, no limits apply to in-store purchases or donations. In addition, from the application’s website, they point out that each entity will be able to establish its own limits.
What are the maximum and minimum amounts of money in Bizum operations?
The minimum established to make shipments is 0.50 cents per operation and the maximum is 1,000 euros. On the other hand, the maximum amount that a user can send or receive is 2,000 euros per day, a figure that rises to 5,000 euros per month.
In this sense, any shipment made must be intended for a user with Bizum. That is, if the recipient does not have the application or you have not activated this service in the application of your bank, the shipment will remain two days in Be ready until you register. If this does not happen after these two days, the operation will be automatically cancelled.
Is it safe to use this payment method?
Last January, the OCU launched a series of recommendations to guarantee the security of transactions: keep the Software mobile and computer with antivirus, avoid public Wi-Fi networks to make payments, avoid using it with strangers because it is an instant transfer that cannot be revoked and does not provide not to third parties the data of the card.
Although a transfer cannot be reversed once it has been made, there is an option to claim the money back. However, this return is not mandatory and it will be the recipient who decides whether to refund it or not.
Can several bank accounts be associated with the same telephone number?
The agility of transactions with Bizum lies in the fact that the account numbers are associated with the individual’s telephone number. However, it should be noted that a bank account number (IBAN) can only be associated with a telephone number.
Therefore, people who have more than one account in different entities will not be able to use Bizum using the same number. However, the user can modify the bank account or the associated entity as many times as he wishes and use the application again.
Can Bizum be made to a person with an account outside of Spain?
The answer is no. Bizum does not allow you to carry out an operation with a bank account outside of Spain. However, there are no restrictions for transacting with foreign mobiles associated with a domestic account.
Keeping this in mind, if you travel to another country, you will be able to use the Bizum service without any problem, as long as the recipient has your telephone number associated with a bank account domiciled in Spain.