The N26, a German digital bank, now also integrates Bizum among its payment methods, as for example, Orange Bank did in January 2021.
N26 already has about 900,000 users in the country and 320 employees and considers this a fundamental step in its growth strategy.
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Bizum can be found in the app of any of the affiliated banks, however, users can also download the Bizum app itself. In order to send and receive money, users simply have to enter the mobile phone number of the recipient from their list of contacts and specify the amount.
Additionally, customers can use Bizum for online payments by selecting the ‘Pay with Bizum’ option, indicating their phone number, and confirming the operation.
Bizum, which is owned by large Spanish banks, is currently used by around 30 corporations, leaving N26 at a disadvantage and with users interested in this offer.
With the arrival of Bizum, N26 has “reached a new milestone in its unstoppable expansion in the Spanish market.” and has considerably “expanded its 100% mobile experience beyond payments, entering the world of insurance and, more recently, credit with the launch of ‘N26 installments’.”
The instant payment system Bizum has 21 million users and has processed approximately 1,300 million transactions since its establishment in 2016. Furthermore, 37,000 firms have already utilised this technology as an additional payment option in their operations.
CaixaBank, Banco Santander, BBVA and Sabadell are the only ones that have more than 10% of the capital (between the four they own almost 75% of Bizum, according to the figures collected by the Mercantile Registry). In addition, entities such as Unicaja, Kutxabank, Ibercaja and Bankinter, among others, have less significant holdings.
Marta Echarri, Managing Director of N26 Spain and Portugal, said: “[This agreement] is another example of our commitment to offer a product solution built around customer needs. Today, in an increasingly interconnected and immediate world, Bizum is indispensable in the daily lives of many people and a payment method that our customers have been asking us to incorporate for years. In this way, N26 becomes the first neobank to offer the benefits of operating with Bizum while continuing to build a user experience that helps customers achieve their financial goals and live their way.”
