Spanish bank Bankia has launched a functionality in its mobile app that will allow people to make payments and collect bets marketed by SELAE using QR codes generated by each user through the payment service provider Bizum.
Initially, 10% of Bankia users will be able to access this service, but this will expand in the upcoming months in collaboration with the Spanish lottery entity.
As indicated by the financial institution, customers who want to pay for their lottery ticket purchases must navigate the different options offered by Bizum in the app, and then request a QR code. After submitting a digital signature, a generated code can be read by SELAE vendors through a QR code scanner.
To collect prizes, users need to go through the same process but, once SELAE reads the QR code, customers can see the credit in their accounts and a confirmation on the app.
In addition, there is a payment limit of €1,000 per operation and €2,000 per day. The prize collection limit is €2,000 per transaction.
Bankia said in a statement: “[Users] experience a safe and fast operation, we make it easier for them to make payments and collect their prizes directly from their bank account after an authentication process through the Bankia app.
“[Points of sale], by charging clients directly from their shops using the QR code scanner, they reduce cash handling, which allows to speed up [these processes] and to avoid human errors.”
Bankia currently has 1.4m Bizum clients, becoming the third financial entity in users number, with a market share of 11.6%. The bank also registers 2.5m transactions per month, while it also features 1,300 businesses associated with Bizum.