According to officials from Puntored, this collaboration will make the service available across all municipalities in Colombia. Representatives from Nu Colombia stated that customer demand for cash deposit options prompted the move. They explained that users can deposit cash into their Nu accounts for free at any of Puntored’s more than 15,000 locations nationwide, using their unique Nuplaca code. The Nuplaca serves as an alphanumeric identifier for each client.
Officials further added that Nu has been focusing on encouraging better savings habits among Colombians. The company intends to transition its savings account into a transactional account, integrating services such as cash payments, PSE transfers, and enhanced functionality for the Nuplaca system. Moreover, regulatory changes to the 4x1,000 tax would further facilitate seamless money movement for clients.
In parallel, Colombia's Banco de la República is developing an interoperable payment system called Bre-B. For the first three years, entities will not incur transaction fees. Beginning in the fourth year, low-value payment systems will face a fee of USD 6.46 per transaction. Financial institutions will have discretion over whether and how much to charge end users for these services.
Nu representatives described the initiative as a transformative development for the financial sector. Drawing parallels with Brazil’s financial innovations, they expressed hope that Bre-B would democratise Colombia’s heavily concentrated payments market, which is currently dominated by a few players handling over 90% of transactions.
Bre-B’s impartiality as a public platform managed by the Bank of the Republic was also brought up, as experts likened it to public infrastructure, accessible to all Colombians. Regarding Open Banking, Nu Colombia officials advocated for user control over financial data. arguing that clients should be free to transfer their data to institutions offering better terms or keep it with their current provider if they prefer.
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