ING has finally entered the Bizum platform, the instant mobile payment application of which the rest of the large Spanish banks were already part. The key question now is what will happen with Twyp, the tool with which both customers and non-customers of the entity can also send cash to friends or family.
Find out more details about the integration of Bizum into ING services and read the latest financial headlines with our companion app Born2Invest.
Bizum and Twyp will both function in parallel
ING sources confirmed that the entry in Bizum will not mean the end of Twyp, an application that the bank will keep despite the fact that its most demanded service, sending money, can now be ‘cannibalized’ by the agreement with the fintech company. “We are going to keep Twyp, where we already have about 850,000 users. We see it as a complementary service,” explained the entity.
In this sense, ING Bank said that Twyp offers other services to its users such as prepaid cards and mobile payment, in addition to the possibility of withdrawing cash in a network of more than 22,000 shops that have joined the application, including chains such as Dia, El Corte Inglés, Hipercor, Galp, Shell and Disa gas stations or ONCE points of sale. All these services are available to users over 14 years old.
ING’s decision to join the Bizum platform comes after years of negotiations between both parties and leaves a huge growth potential for the platform with which most banks in the country already allow sending money between clients.
Specifically, ING opened the door to Bizum to its more than 4 million clients whom the bank had at the end of March, almost 3% more than a year before, after adding 115,334, according to its last quarterly accounts.
According to Bizum’s data, member banks already represent a market share of over 96%, excluding ING.
For Luis González Soto, director of ING’s Daily Banking, this agreement “is another example of our commitment to offer our clients the best service, specifically in this case, the best payment experience. In this way, our clients will be able to join the benefits of Bizum in an increasingly digital and immediate world, while continuing to enjoy our own digital channels and solutions that help them in their day-to-day work, such as our App or as Twyp.”
Growth figures for Bizum
The closing of the agreement with ING implies a new step forward in the growth of Bizum, which closed 2019 with more than 60 million operations, with an associated volume of 2.7 billion.
Its number of users at the end of December amounted to 6.25 million, an increase of 145% throughout the year with an average of 18,000 daily registrations.
For its part, the average amount moved by Bizum has gone from $59.5 (€52) on average in 2017 to $52.7 (€46) in 2019, which shows that it is a system that is increasingly used for the payment of small amounts of money between users.
Now Bizum will be able to add new clients from ING, a certain respite after the cold water jar that has meant that it has not been the platform chosen by European banks for the future launch of the European Payments Initiative (EPI), announced at the beginning of July and expected to be launched in 2022.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in invertia ELESPANOL, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Cardano’s Founder Hoskinson Contradicts Possible Price Crash
Hoskinson denies a possible price crash in the near future. Brandt's assumption is only based on technical analysis. Hoskinson considers...
Incliva Joins a European Project to improve Post-Treatment of Women with Breast Cancer
Incliva participates in the $6.2 million (€5.2 million) European Rebecca project to address the post-treatment of breast cancer. The project...
Central Popular Bank of Morocco Obtains the AMMC Approval to Increase its Capital
According to the prospectus referred to by the AMMC, the main objectives of the capital increase by the Central Popular...
Don’t bet on Facebook’s VR and AR play
For investors looking to make a bet on the booming Augmented and Virtual Reality market, Facebook presents itself as a...
How Trade Reduces Food waste Almost Entirely
In 2020 in Spain, around 1% of the products were never marketed. This is due to several reasons such as...
Business6 days ago
Forget Facebook (NASDAQ: FB) and Apple (NASDAQ: AAPL): Virtual Reality (VR) and Augmented Reality (AR) Investors Should Snap Up XRApplied (CSE: XRA) Instead
Cannabis6 days ago
El Cesar has the Conditions to Enter the Medical Cannabis Market in Colombia
Crypto6 days ago
Analysts Forecast a Bitcoin Price Between $51,000 and $1 Million
Business6 days ago
Increase in Airport Opportunities Mirrors Rebounding Passenger Travel