Major European mobile payment solutions agree interoperability deal

Bizum (Spain), BANCOMAT (Italy) and SIBS (Portugal), three leading mobile payment companies in their respective markets, have signed a Letter of Intent to implement the interoperability.

           Mobile payments interoperability deal

This agreement aims to allow its users to make fast, convenient and secure instant payments, using their mobile phone, in all three countries.

With the vision of contributing to the development of a sovereign and robust pan-European payments market, through interoperability between existing payment solutions.

This agreement takes advantage of SEPA instant payment standards and the mobile payment solutions with greater adoption in different European countries, the objective of this agreement is to connect the three main mobile payment solutions for users in each of these countries.

The possibility of the participation of other European payment solutions in later stages of this initiative remains open.

Bizum, Bancomat Pay and MB WAY offer payments between people (P2P) and from people to companies (P2B).

The solutions are used by 42.7 million users, who made 1.47 billion payments in 2023 in the three countries.

The agreement establishes the principles of interoperability between Bizum, BANCOMAT Pay and MB WAY, with the aim of developing P2P interoperability in 2024 as a first step, followed by other payment use cases in the future.

“The wide acceptance by users of digital payment methods is an unquestionable phenomenon,” says Ángel Nigorra, general director of Bizum.

“An example of this is Bizum in Spain, with more than 25 million users, where “making a bizum” is already part of the normal language of citizens.

With this agreement, we want to create a solution that satisfies all the day-to-day payment and collection needs of European citizens, regardless of their country of origin.

We believe that, to achieve this, interoperability between markets is essential. ”

We hope that this is just the first step so that users have a simple, convenient, secure and universal mobile payment method to send and receive money from other users and, in the future, solve all their payment needs, such as shopping in stores.”