- 1 Advantages of Bizum
- 2 What are the alternatives to Bizum to send and receive money?
- 2.1 What are the advantages of using PayPal vs Bizum?
- 2.2 What are the disadvantages of using PayPal?
- 2.3 What are the advantages of Verse?
- 2.4 Disadvantages of Verse?
- 2.5 What are the advantages of N26 MoneyBeam?
- 2.6 Disadvantages of N26 MoneyBeam?
- 2.7 What are the advantages of Revolut?
- 2.8 What are the disadvantages of Revolut that Bizum does not have?
- 2.9 What are the advantages of Twyp?
- 2.10 What are the disadvantages of Twyp?
- 2.11 What are the advantages of Bnext vs. Bizum?
- 2.12 What are the disadvantages of Bnext?
For those people who have no idea, Bizum works as a payment service provider in Spain, which started working thanks to the collaboration of the vast majority of the country’s banking entities, in order to create a payment system instantaneous between individuals and purchases in stores. Due to its immense popularity in Spain, this system exceeded 6 million users. In fact, this platform is not only used by individuals, but also by various companies.
It cannot be denied that Bizum has become one of the fast money transfer systems between individuals More popular in the last times. It is a platform created by Spanish banks, which allows many banks, the most important ones, to use it. What does this achieve? Make it easy to activate and associate it with our bank account.
Advantages of Bizum
Thanks to what it offers in terms of advantages, Lots of people want to use it. Among the advantages it has is that it offers users a better shopping experience due to its agility, it allows payments to be received and recorded instantly in the bank to avoid errors, as occurs with transactions between individuals through this application and increases the conversion rate among users who are more reluctant to use their card or use lesser-known payment methods.
Of course, although they have hundreds of advantages, that does not mean that the platform also has certain drawbacks, among which are that when making payments through its mobile application there may be certain failures that still lack adequate optimization. To this are added the possible restrictions applied by each bank in terms of maximum or minimum number of movements.
In addition to that, if there is a case in which you do not have a payment gateway, but rather want to install Bizum e-Commerce directly on the web, it is a process that is complicated when verifying transactions. In this sense, the payments and the issues of their verification must be carried out manually if they are to be done correctly, which becomes a tedious task that takes a lot of time and also allows that the risks in terms of collection errors increase and order preparation.
More and more companies and their owners agree that for the greatest benefit it is preferable to have a payment gateway for the convenience of all brands and retailers. If you plan to use Bizum in e-commerce, you can take the opportunity beforehand to analyze the costs that each of the payment methods enabled on the web may entail and measure the profitability of the prices of your products against these costs.
In this way, each person can know what is best for them and, based on this, decide which ways generate the greatest benefits and gradually optimize the operation of their own online store or for their own benefit. Yes, this platform can present certain drawbacks that probably make many users disagree with its conditionsHowever, there are other equally valid and good alternatives.
In case you don’t want to use Bizum, regardless of the reasons, due to its limitations or anything else, there are several alternatives. Within Spain there are many that work quite well, of course they also have their limitations as they are not directly supported by the banks. That is why, throughout this article, we will talk about alternatives to Bizum to receive and send money between individuals.
What are the alternatives to Bizum to send and receive money?
- PayPal: Considered one of the most important and even pioneers, PayPal is a leader in matters of payments between individuals. With it, you only need an email address or a mobile number to send money to another person, or in such a case, receive it. PayPal accounts can be associated with a bank account or a credit card, but it is PayPal that is responsible for collecting the money and sending it to its recipient.
This means that users do not know the bank or personal details of those involved. With this type of protection, many payments between individuals or purchase and sale are issued, among other things. Even, thanks to the number of people who use it, there are many shops and stores that accept it. The good thing about this method is that its collection It is immediate and the money received stays in your PayPal accountand you can use it as balance instantly.
It must be taken into account that if, on the contrary, you want to receive it in your bank account or credit card, it may take a few days. Between individuals it is a safe way to make payments, but whoever sends payment You must additionally pay a commissionsomething that does not happen with Bizum.
What are the advantages of using PayPal vs Bizum?
- It has a very safe and experienced system
- Whoever receives the money, that is, the recipient, does not need to have a PayPal account.
- It is available for both mobile phones and the web.
- There are thousands of physical and online stores that accept the use of PayPal as a payment method.
What are the disadvantages of using PayPal?
- The user who sends the money must pay a commission.
- The entry into your account or card is not immediate.
- Verse: It is a platform that, in addition to sending money, serves to share expenses that became quite famous thanks to the arrival of the COVID-19 pandemic. It is made for those people who must share expenses with their partner, friends, roommates, a birthday gift, among other things. You have the option of making very simple lists, such as a group trip or paying for dinner at a restaurant to spread the cost.
The good thing about Verse is that it allows users to associate a bank account or credit card with which money can be sent and received, unlike other joint spending systems, it allows you to associate a bank account or credit card to send or receive money, that’s why it is an alternative to Bizum. It also allows pots to be created where people put money to use it in a certain cause, such as giving a gift, or paying the rent.
What are the advantages of Verse?
- Allows you to create events to pay for in groups.
- You can create a boat and invite friends to participate.
- Users can send and receive money.
- It works at a European level, not only in Spain, as is the case with Bizum.
- It can be used in shops and stores.
Disadvantages of Verse?
- You do not have access to a web page.
- It is not very widespread yet.
- N26 MoneyBeam: For users, this is an online bank that does not have physical spaces that work within the Spanish region. You can open a free account with no fees and also get a virtual MasterCard. When you have N26, you can use its MoneyBeam platform to send money to someone else, instantly. In addition, it is not necessary to reveal bank details, just an email and mobile number.
What are the advantages of N26 MoneyBeam?
- It is ideal because it works throughout the European zone.
- Work for free and without commissions.
- Money is sent only with the use of email or mobile number.
Disadvantages of N26 MoneyBeam?
It is necessary to have an account in N26.
- Revolution: Platform that works to pay with one of the more advanced systems that can be found. To use it, it must be associated with a bank account. Once done, money can be sent or received instantly with no fees, although everyone needs to have a Revolut account, which is totally free. It has several tools to manage group payments, jackpots, and division of expenses.
It is not only payments between individuals or in stores, Revolut has many other functionalitiesone of them is to make payments abroad, buy gold or cryptocurrencies, obtain bank cards, and much more.
What are the advantages of Revolut?
- You can send or receive money anywhere in the world.
- It does not charge commissions on national payments.
- It has many functionalities Additional features.
What are the disadvantages of Revolut that Bizum does not have?
It is necessary to open an account in Revolut.
- Twyp: This is a virtual prepaid card that comes from ING Direct, but you don’t need an ING account to use it. The only thing that the interested user must do is download the application on their mobile phone and create a free account, taking a photo of their ID. You can receive money from another Twyp user and use it as a balance to pay others, or link a card or bank account from any bank, to add balance.
What are the advantages of Twyp?
- It is a completely free system that does not charge commissions.
- No need to link bank account or card.
- It can be used from the age of 14.
- You can withdraw money in stores or businesses.
What are the disadvantages of Twyp?
Requires all users to have a Twyp account.
- Next: This is a Spanish neobank and fintech, which has an office in Madrid, Spain, which operates solely online and has grown little by little, so that it already has more than 400,000 users. You must create an account, this is free, with a free prepaid card to withdraw money at ATMs without commissions. It allows its users to send and receive money immediately between bnext users.
What are the advantages of Bnext vs. Bizum?
- Free account without commissions.
- Free prepaid card.
- Send money quickly between users.
- It allows paying to ask for money from people who are not from Bnext.
What are the disadvantages of Bnext?
Only the first 100 euros per month have no commission.