Banco Santander, CaixaBank, and BBVA Warn: This Innovation Is Worth It and Much More

The way we make our payments is about to change significantly.Banco Santander, BBVA, and CaixaBank have announced that different entities are working to offer a unified payment solution in Europe. It might become a reality sooner than we imagine.

This instant payment system, which promises to make traditional bank transfers disappear, is quickly taking shape. Largely thanks to Bizum, the most popular payment service in Spain.

A European Payment System

In recent years, Europe has been working on an instant payment system. The goal is to unify all existing methods in the different countries of the European Union. Bizum, Spain's payment system, is emerging as the main protagonist of this new model.

However, it is not the only one. In Italy, the system that fulfills a similar function is Bancomat Pay, and in Portugal, SIBS. Each country has its own payment system, but the idea is for all of them to be interconnected and form part of a common network.

Other European countries are also taking important steps toward this unification. In France, the system leading this change is Paylib; in Germany, it is Giropay; while in Belgium and Luxembourg, the system is Payconiq. The goal is to create an instant payment platform that transcends national borders and facilitates quick payments throughout Europe.

The European project seeks to integrate all these systems and create a continental version, a 'European Bizum.' This would mean having a single instant payment solution that encompasses both peer-to-peer and commercial payments, regardless of the country of origin.

If successful, this system would be supported by the continent's main banks. Whether it be Banco Santander,CaixaBank, andBBVA, which have shown interest in this project.

How Will the European Bizum Work?

The European instant payment system will seek to combine the advantages of Bizum with the interoperability of existing systems. Banks would offer a solution that includes a payment card and a digital wallet. This would allow users to make online and physical point-of-sale payments without having to resort to traditional transfers.

Additionally, there would be much faster and easier access to international payments. Without the complications and fees associated with transfers between countries.

The project has been in development for years, and although it is not yet clear when it will be definitively implemented, the progress is evident. In the coming times, it is possible that users of Banco Santander, CaixaBank, and BBVA may already start enjoying this new form of payment.

The great appeal of this unified payment system is its security. As technology advances, users demand solutions that protect their personal and banking data. The European payment system not only seeks to bring together the different methods but also to ensure the security of transactions.