Bizum has been an ideal way to send quick money between individuals for years, and in the last year it has also been added as a means of payment to a multitude of stores. However, now the number of transactions that we will be able to use with this service will be significantly reduced.
Currently, the monthly transaction limit is 150. However, as of June 15, the limit will be only 60 transactions per month for individuals. And in addition, each bank may establish a lower limit to this figure, so the reduction could be more than three times with respect to the current figure. The figure, therefore, will be a maximum of 2 operations per day, which will not affect the majority of individuals.
From 150 to 60 transactions per month: limit in Bizum
The reason for making this change is due to security policy, according to Bizum. The platform already has 15 million users and a large number of businesses and services that allow it to be used as a means of payment. The pandemic has strengthened it even more, reducing the number of cash transactions and the possibility of contagion.
Thus, there are individuals who have used Bizum as if they were freelancers or professionals, hence they have decided to limit the number of transactions that individuals can carry out. The rest of the limitations will continue as before, with a minimum shipment of 0.5 euros and a maximum of 1,000 euros . Nor can you receive more than 2,000 euros a day with this system, and there is a maximum of up to 30 recipients.
Depending on the banks, these limitations change, where, for example, BBVA or CaixaBank limit transactions to 500 euros, with a maximum of 1,200 euros per day and 5,000 euros per month. At CaixaBank the limit is 20 transactions per day and 30 per month, while at BBVA it is 40 and 60, respectively.
Bizum for companies continues as before
The conditions of Bizum for companies do not change, and for them everything will continue as before. This avoids that there are companies that use the version of individuals to receive payments on the mobile, instead of being associated with the name of the company. Banks that use Bizum have already begun to communicate this change to their users, taking more than a month and a half in advance.
Bizum does not stop growing as a means of payment, and current estimates from the European Central Bank affirm that in 2030 60% of e-commerce purchases and 20% of face-to-face purchases will be made using instant transfer systems such as Bizum . It would not be strange that, after this limitation, other alternatives such as the traditional PayPal, or more recent ones such as Verse, began to be promoted.
