The popular peer-to-peer payment app is getting bigger and bigger, making it possible to see benefits for the first time in its history. The money they are going to get this year is not little.
Bizum is an application that many people use today. It was created in 2016 with several banking entities behind it. Currently it has reached the sum of 32 banks and makes its service have coverage with almost all entities.
They started with 380,000 users and only a year later they already exceeded one million. With the passing of the years have been gaining more and more popularity and that has made end 2021 with profit.
After five years in which there have been more than 700 million transactions, they have obtained enough credit to have their accounts balanced, obtaining benefits that will allow them to continue growing.
Not only does it serve as an immediate payment service between individuals, You can also pay to businesses and even make donations to NGOs. They continue to expand their services and their goal is to create an independent banking app.
Now to use it you need to enter the application of each bank and use the Bizum option, but they want to be more free and independent. They are studying the opening of Bizum to other channels and non-banking applications, that allow third parties to make payments outside the entities.
This app has gotten so much recognition thanks to the support you have obtained from the bank. Caixabank being its largest shareholder (with 33.4% of the share capital after the acquisition of Bankia), it has been easy for other banks to participate, thus offering a platform with this coverage.
Although there is a problem and it is that according to its statutes no partner can have more than 24% of the capital. This means that Caixabank has to sell the surplus, with other partners with preference in the purchase. In this case, Banco Santander, Banc Sabadell and BBVA have preferential acquisition rights.
They have decided that it be distributed proportionally, although it is a negotiation that has been on the table for a long time. No agreement has been reached on the sale price and it is unknown what capital each bank will eventually have.
Bizum’s share capital is 2.34 million euros. We will see how this negotiation ends and hopefully there will be no repercussions for users, who they can continue making transfers without any charge.