Nubank Introduces Free Instant Transfers in Colombia

Nubank has partnered with Redeban to offer instant, free transfers for users in Colombia. The feature allows transactions to and from various banks and digital wallets, using simple identifiers. This rollout coincides with the upcoming Bre-B payment system expected in 2025, enhancing user experience and accessibility in financial transactions.

Nubank has launched a new feature in Colombia that facilitates instant and free transfers for its users, thanks to a partnership with Redeban, a prominent payment network in the country. This service enables seamless transactions to and from various banks and digital wallets, including Bancolombia, Davivienda, Nequi, and Daviplata.

Users will have the option to register a unique payment identifier, such as a Nu Key (@Nu Placa), a phone number, email, or national ID, which simplifies the process by removing the need for lengthy account numbers. The feature will be gradually rolled out throughout March, allowing customers to activate their payment keys via the Nu application.

According to Santiago Matamoros, Director of Product at Nu Colombia, “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.” This initiative comes in anticipation of Bre-B, the Central Bank’s nationwide real-time payment system, which is scheduled to be launched by September 2025.

Through the partnership with Redeban, Nubank is positioning itself to provide instant money movement capabilities before the mandatory interoperability required by Bre-B begins. Since its entry into the Colombian market in 2020, Nubank has experienced significant growth, reporting approximately 2.5 million users by 2025.

Nubank’s introduction of free instant transfers in Colombia represents a significant advancement in the financial landscape, enhancing customer convenience and accessibility. By partnering with Redeban, Nubank not only streamlines transactions among various financial institutions but also prepares for the impending Bre-B system, illustrating its commitment to innovation in financial services in Colombia.

Original Source: latamlist.com