Spanish Banks Launch Bizum Pay for In-Store Tap Payments

Bizum, backed by more than 30 Spanish banks, built its reach by linking mobile numbers to bank accounts for fast person-to-person transfers. Its move into contactless retail payments extends that domestic account-to-account network to physical stores, a strategically important step as European lenders and policymakers seek homegrown payment infrastructure and less reliance on U.S. card networks Visa and Mastercard.

The banking alliance has launched Bizum Pay, allowing shoppers to tap their phones at store terminals and send funds directly from their bank accounts to merchants without using conventional credit- or debit-card rails. More than 30 banks are represented in the network. The available announcement did not specify a launch date, transaction fees, payment limits or the initial roster of participating retailers.