Colombia has strong potential for future IP growth, with one scheme in place as of 2019 and another in development. Its infrastructure enables users to make P2P fund transfers 24/7/365 with Transferencias YA (“Transfers NOW”), an IP solution launched by payment processing network ACH Colombia in September 2019.
This service is offered to individual customers who simply input their desired recipient’s mobile number to make a payment. Users can access this platform through the participating banks’ apps, or through payment service providers. Funds are credited directly into the recipient’s bank account. However, if the recipient does not have a bank account, they are required to open one within 24 hours to receive the funds. Users can transfer a maximum amount of COP250,000 (~$75.00) per transaction and can make up to five transfers per day.
Though there are currently a limited number of banks participating, there are plans to onboard 27 financial institutions in the country.
To further promote IP, fintech startup Minka is planning to develop another real-time P2P system in Colombia in early 2020 in collaboration with ACH Colombia. Minka’s goal is to develop the infrastructure to power IP with a blockchain-based cloud platform.