Spanish instant payment tool Bizum recently reached a cooperation agreement with several similar European payment systems to achieve system compatibility, enabling users to make cross-border P2P transfers.
This initiative will significantly enhance the cross-border convenience of digital payments in Europe, covering approximately 130 million users across 13 countries.
The collaborating parties will establish a central entity responsible for technical interconnection, allowing users to continue with their existing brands and app experiences.
Key Aspects of the Agreement
Bizum has signed a memorandum with Italy’s Bancomat, Portugal’s SIBS-MB Way, EPI (with its Wero solution) for France, Germany, and Belgium, and Vipps MobilePay for Denmark, Finland, Norway, and Sweden.
These systems are often collectively referred to as the ‘Bizum-like’ payment tools of their respective European countries.
The agreement is being promoted through the EuroPA alliance, aiming to accelerate the deployment of local, pan-European payment solutions.
Users can send funds to users in other countries without switching apps, maintaining their familiar user habits and brand interface.
Covered Countries and User Base
The interconnected network involves 13 European countries, including Spain, Italy, Portugal, France, Germany, Belgium, Denmark, Finland, Norway, and Sweden.
The service reaches over 130 million users, covering nearly 72% of the EU population plus Norway.
The alliance is open to all European countries, including non-Eurozone markets. Countries with existing national schemes can join directly, while those without can adopt one of the existing solutions.
Currently, Bizum has already achieved partial interoperability with Italy, Portugal, and Andorra.
Implementation Timeline and Feature Roadmap
Technical implementation will begin shortly, with the official launch of the cross-border P2P transfer feature scheduled for 2026.
Transfers are expected to follow the features of the existing systems, using mobile numbers for identification and offering real-time settlement.
In 2027, the service will be further extended to cross-border e-commerce payments and in-store POS scenarios.
The collaboration will also introduce a joint brand identity to help users recognize services available for cross-border use.
Significance for the European Payment Market
Ángel Nigorra, CEO of Bizum, stated that this agreement reflects a collective commitment from all parties to provide reliable payment solutions with data protection for European citizens and businesses.
This collaboration will help build a unified European payment market, promote the development of instant payment infrastructure, and enhance the competitiveness of local solutions.
