According to fintech Minka, which develops real-time digital payment rails, the country surpassed 15.8 million users registered in the Colombia Transfiya ACH systemwhich represents 44% of the banked population.
(Read more: This is how Colombia’s interest rates could be in 10 years, according to AI)
Transactions can be completed in microseconds, eliminating the need to record recipient account numbers and using unique identifiers, like the cell phone number.
Simplification makes the process as easy as sending a WhatsApp message.
“In the last 5 years, the way we transfer and move money in Colombia has changed. The traditional financial system is like an onion: with layers that overlap one another. Layers of financial processes that for decades hindered the fluidity and efficiency of transactions.”says Camilo Arango, Minka expansion leader and expert in interoperable real-time payments.
(See: Banco de Bogotá customers can now make payments with Apple Pay)
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