This new system will make it much easier to transfer money between people in different countries, boosting the economy and European integration.
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Instant money transfers have reached all of Europe thanks to the latest resolution of the European Parliament. The group of countries unanimously approved on the 7th this necessary law that will allow instant money transfers to anyone in Europe, regardless of the currency they use. This is an advancement for businesses and users, which will help increase competitiveness in business compared to other countries.
Forget about bank fees and tedious waits. With this new system, inspired by the popular Spanish Bizum, you can send and receive money in a matter of seconds, completely free and secure. In fact, Bizum has been crucial in all of this, as the Spanish banking system is well adapted to the payments sector.
How does the new instant transfer system work?
It’s very simple. You only need the recipient’s phone number or email and the amount you want to send. The transaction is done instantly, without the need for intermediaries or additional fees.
When will it come into effect?
The law will come into effect in the next 20 days, and European Union countries will have one year to adapt to the new measure. This means that from February 27th, you can enjoy all the advantages of this new instant payment system.
What are the advantages?
- Instant money transfer: Transfers are made in a matter of seconds, with no waiting time.
- No fees: No fees are applied for sending or receiving money.
- Easy and convenient: You only need the recipient’s phone number or email.
- Safe and reliable: The system has the highest security measures to protect your data and transactions.
All European Union countries will be able to benefit from this new instant payment system.
Note: This content has been translated with an artificial intelligence tool, so the translation may be slightly inaccurate. The original version written by our editor is the the Spanish version