- EBANX, a global fintech company, has integrated Botón Bancolombia, a payment method developed by Bancolombia bank, into its range of payment methods in Latin America.
- The integration will enhance the bank transfer experience in Colombia’s digital economy, linking people and businesses within the country to the global digital market.
- Botón Bancolombia is available to over 19 million individual customers of Bancolombia, offering users a simple and secure way to make bank transfers when purchasing products and services online.
- An estimated 30% of payments made in the Colombian digital commerce sector in 2022 were account-based transfers, according to data from EBANX’s Beyond Borders study.
- Bancolombia users made nearly 55% of all bank transfers in the country in 2022, according to the Superintendencia Financiera de Colombia.
- This partnership aims to strengthen financial inclusion and contribute to the growth of digital commerce in Colombia.
EBANX, a global fintech company specializing in payment solutions for emerging economies, has announced the direct integration of Botón Bancolombia into its array of payment methods in Latin America. This strategic partnership seeks to enhance the bank transfer experience within Colombia’s digital economy and connect people and businesses to the worldwide digital commerce market. This move is expected to increase conversion rates and improve payment processing efficiency.
Botón Bancolombia is a payment method created by Bancolombia bank, available to more than 19 million individual customers, including over 10 million active digital customers. Users can make convenient and secure bank transfers for a range of digital commerce sectors, including streaming, SaaS, gaming, travel, and online retail. EBANX merchants can integrate this solution into their checkout process, providing a simple and user-friendly payment option for customers with Bancolombia accounts.
According to a study by Americas Market Intelligence (AMI) for EBANX’s Beyond Borders, account-based transfers accounted for a significant 30% share of payments in Colombia’s digital commerce sector in 2022. Notably, Bancolombia users made nearly 55% of all bank transfers in the country the same year, according to the Superintendencia Financiera de Colombia.
This partnership is expected to play a crucial role in shaping the future of digital payments in Colombia, which is witnessing a surge in digital commerce. Given EBANX’s large merchant portfolio of 1,600 clients, the potential impact on digital commerce growth and customer convenience is substantial. The integration of Botón Bancolombia is a significant step towards financial inclusion, providing millions of people with the tools to make purchases and navigate the formal financial system more effectively.
