Annual instant payment spending with Bizum in Spain 2020-2022, in euros and USD
A2A payment spending with Bizum, an instant payment method found in Spain, was over 50 percent higher in 2022 compared to the previous year. Bizum is a payment service that is embedded within Spanish banking apps. Domestic banks worked together to create the system in 2016 to help facilitate P2P payments via a smartphone. By 2023, the scheme uses the SCT Inst Standard, a real-time payment standard of SEPA. Bizum and the UK's Faster Payments are the only two European real-time payment systems that feature among the top 10 brands with the highest number of instant payment transactions in the world.