Nubank has introduced free instant transfers in Colombia through a partnership with Redeban, allowing users to easily transact with various banks and digital wallets. The service requires unique identifiers and is being rolled out in phases via the Nu app. This launch prepares users for impending financial systems mandated by the Central Bank.
Nubank has launched a service for free and instant money transfers in Colombia, collaborating with Redeban to enhance financial services for users. The platform allows seamless transactions between Bancolombia, Davivienda, Nequi, Daviplata, digital wallets, and various banks within the network. This initiative is aimed at simplifying the transfer process by enabling users to register unique identifiers like Nu Key, phone numbers, emails, or national IDs, thus eliminating the need for lengthy account numbers.
The rollout of this feature is taking place gradually throughout March, where users can activate their payment keys via the Nu app in different phases. Santiago Matamoros, Director of Product at Nu Colombia, emphasized the significance of instant transfers by stating, “Instant transfers remove barriers for customers and give them greater freedom to move their money as needed. We believe they represent the future of finance in Colombia.”
The introduction of this service precedes the launch of Bre-B, a nationwide real-time payment system mandated by Colombia’s Central Bank, set to take effect in September 2025. Unlike Bre-B, which will enforce interoperability among financial institutions, Nubank’s collaboration with Redeban enables users to conduct instant transactions ahead of this system.
Nubank has been expanding its presence in Colombia since 2020 and has experienced significant growth, reaching approximately 2.5 million users by 2025, showcasing its increasing influence in the Colombian financial market.
Nubank’s launch of free instant transfers in Colombia marks a significant advancement in the country’s financial services, driven by their partnership with Redeban. The unique payment identifiers simplify transactions and facilitate user convenience. This initiative lays the groundwork for forthcoming mandatory systems, highlighting Nubank’s strategic positioning within the evolving financial landscape of Colombia.
Original Source: latamlist.com
