• In this second version, some improvements have been done. We summarize the main ones:. • Abstract & introduction now our goal is to offer a "complete explanation of how a winning strategy of creation and development of a DBE can: i) ensure survival of incumbents in the face of threats from digital disruptive actors, and ii) transform consumer habits very quickly, due to the superior created value as a new solution for that need. We used the novel reformulation of the modularity theory (Baldwin, 2020c) which can be considered as a first step for a DBE-specific theorisation and supportive framework to understand the deep social impact of the different network effects generated." We reformulate the research question as follows: how was bizum's DBE implemented by traditional banking entities and what are the success factors which lead the new mobile instant payment ecosystem in Spain?. • Literature review Now the section is split into two subsections: 2.1. Fintech and open payments & 2.2. Digital business ecosystems under modularity Theory. We have increased the number of references: +23 new ones, 11 out of them are dated from 2018 on. We think that we offer a wider perspective of DBE phenomenon split in four themes: business issues, technical issues, DBE conceptualization and DBE artefacts. Bizum is a great case of study, not only because it represents a proven success DBE that it was created and implemented by Fintech incumbents in Spain, but because, in only five years and with only seven workers, Bizum has penetrated into more than 70% of the Spanish banking population. It offers a digital solution for instant payments by using an app.. • Research method We have included a summary table (Table 1) where the main research topics are collected. Additionally, more references and further details support to explain better our research process. We have developed a new interview with Fernando Rodríguez, business development Manager. With that new interview we cover more than 40% of Bizum´s employees and the key actors are part of our selection. • Bizum case analysis We start with a clarification of this DBE's nature as an open transactional platform following the suggested theoretical framework: the modularity theory (Baldwin, 2020). We illustrate that nature with a new figure (Fig. 2). The content is split into two subsections: 4.1. Deployment & 4.2. Value proposition and social impact. Later, we cover the two main topics of our research: the internal DBE creation and the massive customer adoption. In order to make easier to check the rich inputs that we obtained during the interviews, we summarize the main verbatim in two tables, one for each topic (Tables 3 & 4). • Limitations and future research directions Tittle of this section has changed to describe its content, as suggested by reviewers. • Conclusions The main conclusions are as follows: The first contribution is the empirical evidence of a successful implementation of a DBE, allowed a number of traditional banking entities to compete in a rapidly changing market through a disruptive solution. Secondly, the network effect developed on Bizum's DBE justifies the great acceptance that it has as a means of mobile payment between end users (P2P). The third contribution is that, along with the network effect, Bizum's value proposition favors a deep and quick transformation of payment habits among Spanish users belonging to different generations. Finally, we highlight the critical factors of Bizum's DBE which explain how it was built and why it was able to succeed by providing digital value in a critical common need: payments. Technological disruption and social transformation are shaping and explain the radical changes introduced in financial services. A new technological mix of mobile-apps, big data, blockchain, AI, cloud computing and digital platforms is taking place with unprecedented speed and is forcing traditional banks to consider this technology to form part of new collaborative value creation networks, such as digital business ecosystems (DBEs). Traditional payment habits based on cash and credit or debit cards are being replaced by new innovative formats of mobile instant payment among end users (P2P). Through a single case study – Bizum's DBE – the purpose of this research is to explore how successful was the defensive strategy developed by traditional banking entities with the objective to lead the new mobile instant payment ecosystem in Spain. The findings show that Bizum's DBE is helping traditional banking entities to create a superior digital value that is being adopted very quickly by a huge number of users in Spain. The main contribution of this study is the complete explanation of how a winning strategy of creation and development of a DBE can: i) ensure survival of incumbents in the face of threats from digital disruptive actors, and ii) transform consumer habits very quickly, due to the superior created value as a new solution for that need. We used the novel reformulation of the Modularity Theory (Baldwin, 2020 c) which can be considered as a first step for a DBE-specific theorisation and supportive framework to understand the deep social impact of the different network effects generated. [ABSTRACT FROM AUTHOR]