AAB welcomes Bizum to present Spain’s experience on instant payments
The digitalisation of payments and the development of instant payment solutions are transforming the way individuals and businesses conduct financial transactions. In this context, collaboration among banks and the development of shared payment solutions are becoming increasingly important in expanding the use of digital payments and providing competitive alternatives in the market.
On 15 October, the Albanian Association of Banks (AAB) welcomed representatives of Bizum to Tirana for a presentation on Spain’s experience in developing instant payments and the potential for adapting this model to Albania and the wider Balkan region.
Bizum is a payment solution developed through collaboration among banks, based on instant account-to-account (A2A) transfers. Initially focused on person-to-person payments, the service has expanded to e-commerce and point-of-sale payments, leveraging existing payment infrastructure and integration with banking apps.
The presentation, attended by representatives of banks working in the payments field, explored Bizum’s operating model and collaborative framework, its interoperability with other payment solutions, and the potential benefits for banks and merchants, including payment cost efficiencies and opportunities to develop new services.
Discussions focused on the opportunities this experience could offer the Albanian market, taking into account the national payments infrastructure, the role of banks, and the potential for developing interoperable payment solutions across the region.
