Bizum reduces the number of operations that we can do per month from 150 to 60

Bizum will reduce the number of transfers that each individual user can make at the end of the month, as Euribor and Invertia have advanced. Currently, that limit is at 150 monthly operations, but as of June 15 the figure will be reduced to 60 monthly operations. That, in short, means that we will go from having an average of five daily transfers to just two.

From Xataka we have been able to confirm that, indeed, the figure is going to be reduced, but Bizum has not confirmed the exact figure for the moment. The aforementioned media assure that it will be 60, something that fits with BBVA movements, which in Bizum’s conditions of use states that as of June 15 the transfer limit will be reduced to 60, and with the email that EVO Banco has sent to its customers in which they warn that “Bizum has changed one of its terms”.

Framework standard for all banking

Bizum 1Bizum 1 Mail sent by EVO Banco to its clients advising of the change in conditions.

Bizum is a platform where 31 Spanish banks participate. As such, it has certain framework limits for everyone, but each bank can set its own limits within these for its clients. In other words, even if Bizum contemplates a maximum of 150 monthly operations per customer, a bank may decide to offer fewer transfers.

However, it seems that the reduction from 150 to 60 monthly operations will apply to all banking, so the new maximum will be 60 and each bank will be able to decide whether to offer 60 operations or less. The reason, they expose from Invertia, is to combat the irregular use of the service, which can currently be used as a payment method by businesses and freelancers.

As explained from Bizum, businesses must contact any of the participating banks to reach the “corresponding trade agreement“. The self-employed, for their part, must speak with the bank to hire the service, since” it is a different service to sending money between individuals.

Although we can confirm that the figure will be reduced, we are waiting for Bizum to confirm the exact figure. We will update as soon as we have confirmation. Currently Bizum has more than 15 million users, has moved 18,000 million euros and is used by more than 11,500 businesses.

Via | Invertia