Bizum

Bizum is a Spanish payment solution launched in 2016 by a consortium of the country's major banks. The service's mission is to provide a simple, secure, and universal method for instant payments directly between bank accounts via a mobile app. Initially focused on peer-to-peer (P2P) transfers, Bizum has expanded its services to include online e-commerce payments, donations to NGOs, and in-store payments via QR codes. It operates as an interbank collaboration, integrated directly within the mobile banking applications of its member entities, rather than as a standalone app.