Nubank has launched free instant transfers in Colombia in partnership with Redeban. Users can send and receive money instantly to and from major banks and digital wallets. The service employs a unique payment identifier, enhancing transaction efficiency. This initiative precedes the mandatory Bre-B payment system, set for September 2025, reinforcing Nubank’s competitive edge with 2.5 million users in Colombia by 2025.
Nubank has introduced free instant transfers for its users in Colombia by collaborating with Redeban. This feature enables users to send and receive instant, free transactions to and from various institutions, including Bancolombia, Davivienda, Nequi, Daviplata, among others within the payment network. Redeban, a leading payment network in Colombia, facilitates electronic transactions between banks, digital wallets, and financial institutions efficiently.
To simplify transactions, users can register a unique payment identifier, such as a Nu Key (@Nu Placa), phone number, email, or national ID, which eliminates the cumbersome process of sharing long account numbers. This initiative is being rolled out progressively throughout March, allowing customers to activate their payment keys incrementally via the Nu app.
Santiago Matamoros, the Director of Product at Nu Colombia, emphasized the importance of this feature 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.”
Nubank’s implementation of instant transfers occurs prior to the anticipated launch of Bre-B, Colombia’s Central Bank nationwide real-time payment system, which is set to become mandatory by September 2025. While Bre-B will enforce interoperability among all financial institutions, Nubank’s collaboration with Redeban grants users the capability to transfer money instantly ahead of this requirement.
Having expanded its services into Colombia in 2020, Nubank reported a user base of 2.5 million in the country by 2025, demonstrating significant growth and adoption in the region.
In conclusion, Nubank’s launch of free instant transfers in Colombia signifies a significant advancement in financial services. By partnering with Redeban, the company facilitates seamless transactions for its users while preparing for the future requirements of the Bre-B payment system. This feature enhances user convenience and represents a progressive step towards modernizing finance in Colombia.
Original Source: latamlist.com
