Overview
- Bizum, the bank-owned mobile payments service known for peer-to-peer transfers, is preparing a pilot for tap-to-pay purchases at physical stores.
- Payments would use the phone’s NFC chip for contactless checkout and the shopper’s mobile number linked to their bank account, with a fingerprint or face scan to confirm.
- Spanish banks are updating their apps to add the option, and Bizum plans a separate Bizum Pay wallet for card terminals that do not support the feature at first.
- The rollout is described as gradual because many point-of-sale terminals need new software or hardware before they can accept these payments.
- Industry reporting says fees for merchants could be lower than Visa and Mastercard rates, which may save small businesses meaningful sums over a year and increase pressure on global payment rivals.