[Software] Bizum will limit the number of times per month that you can receive money

[SougarLord]

 

The companies took advantage of the loose limits of Bizum to avoid paying commissions. In June you can only receive money 60 times a month.

 

Today almost everyone uses Bizum, the app that still transfers from the most important banks in Spain to spend money quickly and without commissions. CaixaBank, Santander, BBVA, the old Bankia, Sabadell, Kutxabank, Caja Rural, Unicaja Banco, Ibercaja, Cajamar, Abanca, Bankinter, Liberbank, Laboral Kutxa, Banca March, Banco Mediolanum, Caja de Ingenieros, Cajalmendralejo, Arquia Banca, Bankoa, Banca Pueyo, Caixa Ontinyent, Cajasur, Deutsche Bank, Imagin Bank, ING, Openbank, Orange Bank and Targobank are the banks that operate with Bizum. And these banks have seen that there are companies using it to avoid paying commissions and they want to limit it.

 

More limits on shipments by Bizum

Starting next June 15, an individual will only be able to receive money about 60 times a month. And this is the maximum limit because any of the aforementioned banks can decide to allow fewer transactions. Businesses and freelancers were using this platform to charge for products and services, which has been accentuated by the pandemic due to the recommendation not to use physical money.

 

It is true that Bizum has a plan for companies and freelancers, but many wanted to send money instantly and not pay commissions. With 15 million users, a large part of Spanish society has the ability to send money instantly to users of other banks. Bizum's basic plan is designed for individuals, but companies and freelancers that move about five income of money a day could enter within the limits of the basic plan.

 

With the new Bizum limitations, they are left at 60 cash receipts per month, with amounts between half a euro and 1,000 euros, with a maximum of 2,000 euros per day. It is designed to send money between friends, family and small transactions, not businesses. This may affect merchants who sell at consumer fairs, such as a craftsman's stand at a medieval fair and want to attract customers through the option of paying with bizum: but there would have to be many purchases through the app for the duration of that fair .