Do the math: this is what you can pay with the Bre-B system

The arrival of Bre-B, the immediate payment system of the Banco de la República, will not only facilitate making transfers, but will also transform the dynamics of tradeat the same time as the consumption habits of users.

(Read more: Banrep considers an increase in the interest rate if spending and inflation are maintained)

This ecosystem uses ‘keys’ (such as cell phone number, ID, email or alphanumeric code) instead of account details to make operations simpler and faster. All this with a view to improving efficiency and promoting financial inclusion.

According to Banrep figures, since registration began, More than 20 million keys have been registered and the number is increasing minute by minute. With that in mind, we tell you which products or services can be purchased and paid for with the keys registered in Bre-B.

Services and public transport

Users will be able to access the Bre-B area in their banking applications to pay for services such as taxis, public transport, tolls or even municipal services without the need for cash or cards. In addition, informal workers in the transport sector can also receive payments easily from any mobile phone.

Please note that this requires that both the user and the business have a key to carry out the operation.

(Read more: Will Transfiya disappear with the entry into force of Bre-B? This says ACH Colombia)

Labor payments and professional services

Another facility offered by this platform is aimed at companies, since they will have the opportunity to have a solution to remunerate employees, freelancers or professional service providers.

“Companies can pay salaries, fees or benefits directly, and freelancers can receive payments for one-time or ongoing work without relying on traditional systems that sometimes take three hours to a day to record payment”explained ACI Worldwide, a world leader in real-time payment software.

The advantages of Bre-B

Bank of the Republic

Neighborhood stores and large stores

The immediate payment system It will also allow you to make purchases more easily. both in small businesses and in large retail chains without physical contact or cash.

This ecosystem also eliminates the need to use cash, visit ATMs or wait for bank confirmations. In addition, it facilitates the payment of recurring services such as streaming platforms, apps, memberships or monthly fees.

(More news: Public debt faces a new pulse between inflation and market confidence)

PORTFOLIO