Nequi (Colombian mobile wallet)
A Colombian digital wallet, started by Bancolombia, for sending, receiving, and paying money from a phone.
How do I accept Nequi payments in my business or online store?
Nequi is a Colombian mobile payments app, a wallet you manage from your phone. It launched in 2016 as a project inside Bancolombia, one of Colombia's largest banks, and since December 2021 it has been working through its legal separation from the bank as an independent financial entity. For a reader in the United States, it's similar to Venmo or Cash App.
Nequi takes part in Bre-B, Colombia's real-time interbank transfer network, so from the app you can send money to a "key" or pay by QR code to people and businesses at other institutions. A key can be a phone number, an ID number, an email, or an alphanumeric handle, and businesses can get a Nequi Negocios key linked to their own QR code.
Why it matters to your business
Many customers in Colombia manage their money through Nequi, and if your business accepts payment to a key or a QR code, you remove a step for them. Check the limits: Nequi states that Bre-B transfers by key or QR code max out at $3,000,000 COP per transaction, so for pricier products it's worth also offering card payment.
How we use this at Damorus
The URG Technology store lists Nequi among its payment methods. Under the hood, payment runs through two paths, Mercado Pago and Bre-B, and since Nequi participates in Bre-B, a customer can transfer from their app to the store's key and upload the receipt within the 8-minute window the countdown allows. For a business that closes sales over WhatsApp, like La Roca, a Nequi Negocios key is a simple way to collect payment at the end of the conversation.
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