Comparison between Bizum and BLIK

BLIK is a very popular mobile payment platform in Poland, which, while it has some similarities with Bizum, also differs in many ways. Below is a comparison of the two apps:

Similarities:

1. Mobile payments: both Bizum and BLIK allow payments and transfers to be made via mobile devices, facilitating transactions without the need for cash or physical cards.
2. Instant transfers: Both platforms offer instant money transfers, which is ideal for payments between friends, family and small purchases.
3. Wide acceptance: Both Bizum in Spain and BLIK in Poland are widely accepted and supported by many banks and stores.

Differences:

1. Identification method:
   • Bizum: Uses a cell phone number as the primary identifier for transfers.
   • BLIK: Generates unique six-digit codes for each transaction, which the user enters into the banking app or in-store payment terminal.
2. Additional features:
   • BLIK: In addition to transfers and in-store payments, BLIK allows cash withdrawals from ATMs without the need for a card, using only the BLIK code.
   • Bizum: It mainly focuses on transfers and payments between individuals and in stores, with growing functionality in online payments and donations.
3. International Compatibility:
   • Bizum: It focuses on the Spanish market and does not have international payment functionality.
   • BLIK: While primarily used in Poland, BLIK has begun to expand internationally, enabling payments at some stores outside of Poland.
4. Technology adoption:
   • BLIK: It has developed its own infrastructure and technology to generate and verify BLIK codes, while Bizum is directly integrated with existing banking applications.
5. Transaction Limits:
   • Bizum: It has a minimum transaction amount of 0.5 cents, a maximum amount per transaction of €1,000 and €2,000 per day and €5,000 per month, and a limit of 60 transactions per month.
   • BLIK: BLIK limits may vary depending on the specific bank, but there are usually limits on transactions and cash withdrawals.

What is Bizum?

Bizum is a mobile payment solution created by a consortium of Spanish banks that allows users to transfer money instantly using only the recipient's phone number. The platform facilitates payments between individuals, as well as payments in stores and donations to charities. With more than 20 million users, Bizum has become an indispensable tool for millions of Spaniards.

How to activate Bizum?

Activating Bizum is a simple and quick process that is done through the user's bank's mobile app. Here is the general process:

1. Downloading the bank's app: The first step is to make sure you have your bank's mobile app installed on your smartphone. Bizum is integrated with the apps of most Spanish banks, such as BBVA, Santander, CaixaBank and others.
2. Access Bizum in the app: When you open your bank's app, find the Bizum option in the services or payments menu. This may vary slightly from bank to bank, but is usually well marked.
3. Registration and linkage: To register, you will need to provide some basic information, such as your phone number and, in some cases, your bank account number. The system will link your phone number to your bank account, allowing for immediate transfers.
4. Verification: Some banks may require additional verification, such as by receiving an SMS code or telephone confirmation.

After completing these steps, you will be ready to use Bizum.

What is needed to activate Bizum?

To activate and use Bizum, you need the following items:

1. A bank account with a compatible bank: You must have an account with one of the banks that offer Bizum. Most major Spanish banks are compatible with Bizum.
2. Smartphone with Internet access: You need a smartphone with internet access to use the banking app and make transfers.
3. Cell phone number linked to a bank account: Bizum uses a phone number registered with your bank to identify users and make transfers. This number can be Spanish or foreign, as long as it is linked to your bank account.

How to use Bizum?

Once activated, using Bizum is very simple. The steps to make a transfer and other functionalities are described below:

1. Transfer execution:
   • Open your bank's mobile app.
   • Go to the Bizum section.
   • Select the “Send money” option.
   • Enter the recipient's phone number and the amount to be transferred.
   • Confirm the transfer. The recipient will receive the money immediately.
2. Receipt of money: If someone sends you money through Bizum, you will receive a notification on your phone and the money will automatically go to your bank account.
3. In-store payments: More and more stores are accepting Bizum as a payment method. To pay in-store, simply enter your phone number or scan a QR code, depending on the store's system.
4. Donations: It is also possible to make donations to charities and other organizations directly from within the Bizum app.

Bizum Limits

Bizum has certain limits that users should be aware of:

• Minimum transfer amount: 0.5 cents.
• Maximum amount of a single transfer: 1000 €.
• Maximum daily amount: €2,000.
• Maximum monthly amount: €5,000.
• Number of monthly transactions: 60.
• It has the same limits for both sending and receiving.

Bizum has revolutionized the way Spaniards manage their daily transactions by offering a fast, secure and simple solution for money transfers and payments. Its easy activation and use via banks' mobile apps have made it an indispensable tool. While BLIK and Bizum share the same vision of facilitating mobile payments, each has developed unique features tailored to their respective markets. While Bizum continues to strengthen its position in Spain, BLIK continues its international expansion, demonstrating how mobile payment innovations can adapt to different contexts and needs.