The National Electronic Compensation System (SNCE) is the centralized mechanism in charge of processing retail payment transactions (direct debits, transfers, checks, etc.); and it is managed by Iberpay, a company in which the main banks in Spain are shareholders.
Well, according to the latest data published by Iberpay, 43% of all transfers processed in the SNCE are immediate transfers (those that reach the destination account in less than 10 seconds ). To give the figure a little more context, we will tell you that the European average is only 10% of total transfers.
This, in fact, now places Spain at the head of Europe in the data on the use of this payment instrument available since 2017, surpassing for the first time Belgium and the Netherlands, traditional leaders in this field. Some days, in our country, 50 payments processed per second have been exceeded, and an average of 2 million daily immediate transfers are reached:
“This position reveals the firm commitment of the Spanish banking sector to the deployment of immediate payments between accounts, the digitization of financial services and financial innovation.”
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Compared to 2021, the SNCE processed a total of 2,532 million more transactions (which shows a growth of 14.6%; it also experienced an increase in the total amount of said transfers (2 .23 billion euros, a year-on-year increase of 16.7%).
But why this difference?
Such a clear difference in payment habits between Spain and the continent as a whole must have an explanation, some ‘differential fact’ that distinguishes our country from its neighbors. And yes, according to Iberpay that is exactly the case: it explicitly identifies Bizum as “the great promoter” of immediate transfers in national territory.
Bizum’s basic objective, and the key to its success, lies in providing us with a way to send money without having to ask for the IBAN of the person to whom we want to make the transfer. In this way, Bizum allows us to both send and request money from other users who also use this platform, all for free and instantly.
Bizum has ended the year 2021 with approximately 20 million users, and with its sights set on international expansion, as well as the launch of a new app, throughout this year, that allows sharing expenses with groups of friends. But, in any case, its main functionality does not come from its own app, but from its integration with the official apps of the banks that participate in this project.