Keys and Transactions immediately
The financial system in colombia is on the verge of a significant transformation with the mass deployment of the keys to digital payments immediatea scheme that promises to revolutionize the way in which the colombian perform transactions. From July 2025this new mechanism will begin to operate on a large scale, marking a milestone in the digitization of payments and reducing the use of cash in the country.
What are the keys to digital payments?
The keys they are unique identifiers that allow users to perform transactions quickly, securely and without the need to share sensitive information such as account numbers. According to the Bank of the Republicthis system will provide a structure “multillave”that includes four options to choose from:
- Card number
- Number of cell
- Key alpha-numeric (granted by the financial institution and easy to remember)
This approach seeks to simplify the payment process, making it more accessible to all users, regardless of their familiarity with the technology.
Preparations and Pilots: Banks in Action
Since the beginning of this year, several financial institutions have been preparing for the implementation of this new scheme. Bancolombia and Davivienda, for example, have already launched initiatives to make transfers immediate between their platforms and wallets, virtual. These actions are not only a technical advancement, but also a way of “awareness” to the users about the benefits of digital payments.
For its part, the Grupo Avalthrough the Banco de Bogota, has initiated a pilot of payments interoperable between its entities and other financial institutions. According to María Lorena Gutiérrez, president of the Bank of Bogota, this project is key for the digital strategy of the sector.
Benefits for Users and the Ecosystem Financial
The implementation of the keys and prompt payments will not only benefit the users, but will also strengthen the ecosystem of the country's financial. Some of the most notable benefits include:
- Reduction of the use of cash: Less dependence on money physical, which decreases the risks associated with their management.
- Accessibility: A system of payments that is more inclusive, that will allow all the colombians to make transactions securely and easily.
- Free: According to Cesar Garzon Rodriguez, manager of Debit Cards and Alternative Means of Payment of BBVA in Colombia, this system will allow to move money free, as it should be.
Finance Open: One More Step towards Digitization
In addition to prompt payments, the finance open they also play a crucial role in the digital transformation of the sector. During the 27th Congress of the Treasury, Jonathan Malagonpresident Asobancariastressed that these initiatives are critical to the recovery and consolidation of the financial system.
For its part, the superintendent of financial, César Ferrariannounced that the decree of the finance open mandatory will be formally published in the next two weeks. Although the decree received more than 3.500 commentsFerrari clarified that many of them were not applicable, as they sought to resolve problems outside the scope of the superintendent.
Conclusion: A Digital Future Closest
The mass deployment of the keys to digital payments immediate from July represents a significant advance in the modernization of the financial system in colombia. This new scheme not only facilitate transactions, but will also promote financial inclusion and reduce the dependency on cash.
With the support of financial institutions, and the regulation of the Bank of the Republic, Colombia is taking a strong step towards a future where digital payments are the norm, not the exception. Are you ready to join this financial revolution?
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Source: The republic
