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Bizum Challenges Visa and Mastercard in Spain
22 Jul
Summary
- Spanish banks are introducing a new bank-to-bank payment system.
- The system aims to compete with US payment giants Visa and Mastercard.
- Bizum SL is a consortium of over 30 Spanish banks.

Spanish banks are introducing a new in-store payment system to rival established US payment networks like Visa and Mastercard.
This innovative approach is being driven by Bizum SL, a collaborative effort involving over 30 prominent Spanish banks. Key participants include CaixaBank, Banco Santander, and BBVA, all working together to develop and deploy this alternative.
The new system facilitates direct bank-to-bank transactions at the point of sale. It represents a strategic move by Spanish financial institutions to reduce reliance on foreign payment processors and enhance domestic payment infrastructure.