Monthly number of users of real-time payment scheme Bizum in Spain 2016-2023
Real-time payment provider Bizum nearly doubled its number of users in Spain between 2021 and 2023, enabling digital payments in the European country. 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.
