In Colombia, where cash still dominates transactions, instant payments and digital wallets are changing how people pay and businesses collect. Sumia Solutions emphasizes the role of regulation and widespread smartphone adoption in building a digital standard to ease transactions. The Bre-B scheme from the Banco de la República, along with platforms like Sumia, is speeding up this shift to faster and safer payments.
Colombia is undergoing a shift to more efficient digital payment systems, driven by regulatory advances and widespread smartphone adoption. Sumia Solutions notes that this evolution addresses the need for real-time transactions in a context where cash still prevails in most daily operations.
The Bre-B scheme, developed by the Banco de la República, establishes a new standard for instant payments. Credibanco and Sumia are leading its implementation, enabling companies, businesses, and fintechs to integrate seamlessly. Lucas Ernesto Souza, Innovation Director at Sumia Solutions, states that “Slow payments mean lost sales. At Sumia, we are helping Colombian companies turn their payment system into a real competitive advantage”.
Sumia has enabled numerous entities to adopt this model, enhancing transaction speed and security. The company also introduces its Multicámara Integration Node, aimed at boosting interoperability across platforms. Baymard Institute studies show that complex payment processes are a primary cause of abandonment in e-commerce, an issue these innovations aim to address.
The next step in this evolution focuses on more integrated payment experiences, where validation happens in the background, making the process nearly imperceptible to users. This development benefits both users and businesses by reducing frictions in daily transactions.
