Colombia Launches Bre-B Instant Payment Ecosystem, 76% of Adults Registered
Colombia has launched its instant payment ecosystem, Bre-B, with over 30 million adults registering to use it. This shift comes as only 18% of Colombians have access to credit cards, driving the adoption of alternative payment methods for online shopping.
Bre-B, inspired by Brazil's Pix, features QR code payments, user identification through keys, and mandatory interoperability. It bridges established account transfer services and new solutions, creating a new ecosystem. The system started full-scale operations nationwide on October 15, 2023, following a successful pilot phase.
EBANX, a global technology company, has partnered with MOVii, a Latin American Banktech, to enable global merchants to offer Bre-B to Colombian customers. This integration uses MOVii's Smart Router technology. Bre-B is also connected to Cajas de Compensación Familiar, promoting financial inclusion for 42% of Colombia's population. The digital economy is set to surpass USD 52 billion in 2025 and potentially reach USD 73 billion by 2028, driven by Bre-B's instant payment features.
Bre-B's widespread adoption in Colombia, with 76% of adults registered, signals a significant shift towards instant payments. Its integration with existing infrastructure and global merchants, facilitated by EBANX and MOVii, is expected to boost the country's digital economy.
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