Skip to content

What differences are there between Bizum and its direct competition? – PayPal, Verse, Zelle, Revolut and Twrp

3 de May de 2022

Bizum is a platform that works as a service to make instant transactions. It is characterized by facilitating payments by using a mobile device. It is also very similar to other shipping platforms known as PayPal, Verse, Zelle Revolut and Twrp. However, in Bizum users may or may not obtain different benefits, which can be an advantage or a disadvantage.

How is the money transfer process by Bizum?

Before making a transaction, you should know that the procedure for sending money may be different in each of the banking entities affiliated with Bizum. His reason is because this platform will only be able to used from the bank app where the user is affiliated with the user. Although in general, when you enter the application of your bank, you will be able to find the option to send payments through Bizum in the banking operations, services, or applications section.

Advantages and disadvantages of Bizum compared to its direct competition

Currently there are many platforms that offer electronic payment services. Some of them are usually very well known, while others have only become popular in certain countries or regions.

In addition, each one may function differently or offer other additional services that Bizum does not have. Among the most used today are the PayPal, Zelle, Twrp, Verse or Revolut platforms. It is important to mention that some are independent apps, which can be obtained in the app store of an Android or iOS mobile device.

Bizum vs PayPal

Either of these two platforms are very good alternatives to make instant payments. However, depending on where you live, one or the other may benefit you more. One of its biggest differences is that PayPal is a virtual wallet that can be used anywhere in the world and allows its users to carry out transactions in dollars or euros. While Bizum can only be used in some European countries and only allows payments in the local currency of the country.

One of the advantages of PayPal is that your commissions can be a bit high, these being 5.4% plus $0.30 for each transaction. Therefore, many choose to use other platforms to avoid high commissions. However, in Bizum the commissions are usually a little lower. So if you live in Spain this is a better alternative.

man paying with a credit card

Zelle and Bizum

Both platforms were created as an initiative of the most important banking entities in each country. Although, they are similar in many aspects, the most relevant being that the transaction commission of both is low. In turn, its biggest difference is that Zelle, being created in the United States, it only allows to mobilize money in dollars American people. While Bizum is the local currency of Spain which is the Euro.

It is important to note that in order to use any of them it is necessary to have a bank account and telephone number of the country to which the platform belongs. One of the advantages that Zelle has is that it has an independent app that users can download from the website. However, for be able to access Bizumit must be done only in the bank app.

Bizum or Twrp?

there are many types of virtual wallets that offer similar services, but in the case of Twrp, it tends to do differently than Bizum. However, it is important to mention that each of these platforms fulfills the task, which is to carry out money transactions. But the Twrp app can be used from the app on a mobile device. While in Bizum, the user can only use it in the app of the bank where they are affiliated.

man using credit card on his phone

Verse and Bizum

Although the two platforms allow instant payments, they tend to have some differences. The first one is that the Verse application has an independent app and does not ask the user associate your credit card directly. On the other hand, in Bizum, customers must enter the bank app to be able to access its services and if they need to link a bank account.

Revolut against Bizum

Both platforms allow their users to send payments electronically. However, each offers different types of services. In the case of Revolut, it allows its customers make credit card payments. In addition, you can also withdraw money at ATMs in more than 140 currencies around the world.

Instead, Bizum can be used in Europe, specifically in the Spanish territory. In addition, payments must be made from the bank app and transactions can only be made in euros. It is important to note that Revolut is compatible with Apple Pay and Google Pay wallets. Unlike Bizum, which can only be make payments using a device mobile. However, the commissions of this platform are usually lower than those of Revolut.