If we tell you to consider sending money to someone, wire transfer is the last thing that comes to mind. With Bizum sending we have acquired a comfortable option for making payments between friends and even between establishments. Now they are about to go further in comfort directly confronting payment platforms like Apple Pay.
As part of its eighth anniversary, the famous Bizum platform has announced Bizum Pay for next year. A new advance with which They aim to revolutionize mobile payments thanks to the NFC chip in iPhone and Android, which makes it even easier to send money between individuals and also to make payments in stores and restaurants.
How Bizum Pay will work
In very brief summary: the same as Apple Pay. What Bizum Pay will provide is a new contactless payment method. They are not inventing anything new, since the system is the same as the one we currently use to make payments on dataphones equipped with NFC, either with the mobile phone or with cards.
Bizum Pay will allow us to have a digital wallet with all the cards linked to our bank account and with only bring the mobile phone closer to another mobile phone or dataphone to make payments. Some details like the interface are still unknown, but that’s the idea. A digital wallet will also be added in which
And practical usage example What immediately comes to mind is having dinner with a friend and wanting to split the bill. Until now, the usual thing is that one of the two pays the entire bill and the other does a Bizum. To do this Bizum, you must access the bank application and carry out the usual procedure by indicating the amount, selecting the contact and confirming the operation with biometrics.
With Bizum Pay, the goal is to make things even easier, since in the dinner example you wouldn’t need to open the app to send your share of the bill to the friend. What you can do is quickly select an amount of money to send and tap your iPhone to your friend’s to transfer it. What you do on a dataphone, but between mobile phones and under the Bizum platform.
It is important to emphasize that Physical establishments can also accept this type of payment. in the same way that they now accept payments with Apple Pay or with classic Bizum. Having a dataphone with NFC will be enough.
It must be said in any case that Bizum Pay will not replace classic Bizum. In fact, the latter will always be necessary when you want to transfer money to another person remotely. Bizum Pay works through physical contact between devices, so it won’t work if you want to make the payment to a friend who is at home.
How Bizum Pay is different from Apple Pay
In practice, there isn’t much difference. Apple Pay allows you to add several cards to the iPhone and then pay with them in establishments with a contactless card dispenser. Bizum Pay will do the same, although improves it by adding support for individualssomething Apple Pay doesn’t offer.
The fairest comparison would be with Apple Cash, a Apple service that lets you send money via iMessage and it really works like the classic Bizum. Of course, this Apple service is not available in countries like USA, so in the end the comparison also loses weight.
What we do intuitively is that Bizum Pay will be ideal for users of banks that do not support Apple Pay. There are more and more entities that allow their cards to be linked to the Apple platform, but not all. Therefore, if they accept Bizum, they will also accept Bizum Pay and thus have the option of paying with the iPhone.
When will Bizum Pay come to iPhone
This is the million dollar question and unfortunately there is no answer. Bizum said it would be in 2025although it’s obviously a long twelve months and therefore a somewhat generic answer. We will therefore wait to know the new features and compatibility.
Regarding the iPhone, we remember that it was from this year that Apple opened its NFC chip, which was very limited and could barely be used for Apple Pay and nothing else. With this opening, it is possible that platforms such as the new Bizum Pay will be available as a new payment method.
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