Nu Colombia betting on instant payments and an open financing system

NU seeks to bring to Colombia a centralized, instant, interoperable and low-cost payment system, global participation and neutral management, under the responsibility of Banco de la República.

Samuel Dulek, Director of Business Development and Strategy, explained that to achieve this, a payment system must be built that allows progress in financial inclusion.”Brazil’s Instant Payments System (Pix) is a globally known success story because it has achieved record adoption compared to other parts of the world.mainly due to the obligatory participation of banks.

Adding that Pix, ended 2022 with over 24,000 million transactions and an average of 66 million daily transactionsestablishing itself as the most popular payment method in Brazil.

After Pix arrives, transfers in Brazil are instant (7 seconds), 100% interoperable, at no cost to users (with a few exceptions) and you have a standard and understandable user experience. As an operator, the central bank builds and manages the infrastructure of the payment system, and as a regulator it sets the rules of the game and operating standards for the system, which every bank in Brazil has to adapt to the system.

“As a company, We start from the fact that the user should be the cause and the ultimate goal of this transformation, and for this reason, we are aware of the procedures that are developed in Colombia We seek to contribute the knowledge and experience afforded by our consistent participation in the conceptualization, definition, construction, implementation and optimization of Pix in central bank work schedules; Where we continue our active participation,” Dolek said.

He added that for several months now, Nou has been actively participating in workshops and discussions that seek to structure and implement this system in the country. With which we insist that SPI must have a layer of unified technology and an unbiased government model, in which the sector players can participate.

Nubank reached 80 million customers in Latin America in the first week of April 2023, as it maintains operations in Brazil, Mexico and Colombia. The Brazilian operation closed March with 31.5% growth in 12 months, reaching more than 75.2 million customers., including the Small and Medium Enterprises (SME) sector. The number of entrepreneurs and entrepreneurs with a Nubank PJ (legal entity) account has crossed 2.7 million, which is a jump of more than 66% also in one year.