The Brazilian fintech specialized in payments for rising economies has added Botón Bancolombia, created by one of Colombia’s leading banks, to its portfolio of payment methods in Latin America. This is the first time the solution is available to cross-border merchants selling to customers in Colombia, enabling them to pay for products and services from around the world with the ease of a bank transfer.
EBANX, global fintech company specializing in payment solutions for rising economies, announced the direct integration of Botón Bancolombia, a payment method created by Bancolombia bank, to be part of its array of available payment methods in Latin America.
This strategic partnership aims to streamline and enhance the bank transfer experience within the digital economy in the country, creating access and connecting people and businesses in Colombia to the global digital commerce market, contributing to increased conversion rates and payment processing efficiency.
Available to more than 19 million individual customers of Bancolombia, especially its more than 10 million active digital customers, Botón Bancolombia allows users to make convenient and secure bank transfers when purchasing products and services online, from various digital commerce sectors such as streaming, SaaS, gaming, travel, online retail, among others.
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EBANX merchants can integrate this solution into their checkout, offering to their customers with Bancolombia accounts a payment option that emphasizes simplicity with just a few easy steps. Recurring payment features will be available in Q2 of 2024, improving customers’ payment experience in digital commerce merchants with subscription services.
Account-based transfers accounted for a significant 30% share of payments made on digital commerce in Colombia in 2022, according to data from Americas Market Intelligence (AMI) in EBANX’s Beyond Borders study. Notably, nearly 55% of all bank transfers in the country in 2022 were made by Bancolombia users, according to the Superintendencia Financiera de Colombia.
“We are excited to integrate Botón Bancolombia into our diverse payments portfolio. EBANX’s global merchants will be able to tap into one of Colombia’s main alternative payment methods while providing a more seamless payment experience to Colombian customers,” said Sebastián Fantini, Product Director at EBANX. “This partnership is a realization of EBANX’s mission to create access and connect booming digital ecosystems of rising markets to the global digital economy,” he added.
“Since its creation, Botón Bancolombia has represented an easy way for millions of Colombians to access products and services simply, safely, and timely. Integration with EBANX is another step in the right direction, as it opens doors for our customers to businesses they didn’t have access to before,” said Luz María Velásquez, Vice President of Retail, SMEs and Enterprises Businesses in Bancolombia. “This new relationship will strengthen the financial inclusion of millions of people who now have tools like Bancolombia A la Mano on their phones, allowing them to make purchases and continue growing in their journey through the formal financial system.”
As digital commerce continues to thrive in Colombia, the partnership with Bancolombia is poised to play a crucial role in shaping the future of digital payments. “Considering EBANX’s merchant portfolio of 1,600 clients, the potential impact on the growth of digital commerce and customer convenience is substantial,” said Fantini from EBANX.
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