I’ll happily admit it: I’m a big fan of Bizum.
If a friend pays for dinner, someone buys the concert tickets or my mum needs reimbursing for something, it’s fantastic. A couple of taps on my phone and the money is there in seconds. No awkward “I’ll transfer it later” conversations and no hunting around for someone’s bank details.
For splitting bills or sending money to family and friends, I genuinely don’t think it can be beaten.
Bizum has transformed sending money
But paying in shops? That’s where I’m less convinced.
Bizum has now started rolling out payments in physical stores across Spain, allowing shoppers to pay by simply tapping their phone, much like Apple Pay or Google Pay. According to a recent YouGov survey, more than 84% of adults in Spain already use Bizum, although only around one in ten have tried paying with it in shops so far.
I’m not surprised.
For me, handing over cash still feels… well, real.
Maybe I’m showing my age, but I like seeing what I’m spending. When I hand over a €20 note and get change back, I know exactly where I stand. I find it’s much easier to lose track when I’m simply tapping my phone.
Perhaps that’s why I’ll always have a soft spot for cash.
Convenience isn’t everything
What concerns me more is the direction we’re heading. Every year it feels like another payment option disappears into a smartphone. Cards became contactless, watches became wallets, and now even bank transfers are replacing cards at the checkout.
Convenient? Absolutely.
A completely cashless society, though, isn’t a future I’d be keen to see.
It’s not because I have anything to hide or because I don’t like technology. Quite the opposite. I use online banking every day and I’d be lost without it.
My concern is that we risk putting too many eggs in one basket.
Cash is one of the few payment methods that still works if your phone battery dies, your banking app crashes or a payment network goes down. We’ve seen enough banking outages over the years to know these things do happen. Cash also gives people a level of independence that doesn’t rely on technology working perfectly every minute of every day.
Why choice still matters
Then there’s the question of choice.
I don’t think anyone should be forced to pay one way or another. If you love using your phone for everything, great. If you’d rather use a debit card, that’s fine too. And if, like me, you still like having a few notes and coins in your purse, that option shouldn’t quietly disappear because it’s happens to be seen as old-fashioned.
The YouGov research suggests there is plenty of room for Bizum Pay to grow, especially if more retailers adopt it and banks encourage customers to give it a try.
And I’m sure many people will.
I’ll keep using both
As for me? I’ll carry on using Bizum exactly as I do now: sending money to friends and family without a second thought.
But when I’m buying my morning coffee or popping into the local bakery, don’t be surprised if I’m still reaching for my wallet instead of my phone. There may come a day when cash becomes a rarity, but I hope we’re still a long way from getting there.
