Nequi —the digital bank business line of Bancolombia S.A.—introduces its new integration with Payoneer Global Inc. (NASDAQ: PAYO), the financial technology company empowering small and medium-sized businesses “to transact, do business, and grow globally.”
With this integration, millions of Nequi users will have the service enabled and will be able to “transfer their dollars and euros from Payoneer to Nequi and receive them in Colombian pesos typically in minutes.”
This new service is added to the more than 30 that Nequi already has, allowing Colombians to get “paid internationally as if they were local and bring, for the first time, euros through Nequi, as well as dollars.”
María del Pilar Correa, business strategy leader at Nequi said:
“At Nequi we work to adapt to new global dynamics by facilitating the reception of international payments in an efficient and economical way. That is why this new integration with Payoneer has us very excited because we continue to strengthen the possibilities for our users and this will undoubtedly be a great option for freelancers, entrepreneurs and people who do international business, since they can receive payments from clients in other countries, with different currencies, in a fast and secure way at a global level.”
Mar Fernández, SVP Growth for Payoneer in Latin America said:
“By partnering with the most popular neobank in Colombia, Payoneer is helping to address a critical need in the region: enabling entrepreneurs in Colombia receive payments with increased flexibility in fund usage. Working with Nequi to enhance our functionalities further fulfills Payoneer’s mission to empower businesses from anywhere in the world to scale to their businesses globally. We aim to support the ambitions and boost the international competitiveness of Colombian professionals.”
To link your Nequi account with Payoneer, you must meet the following requirements: be “a Colombian citizen by birth, be over 18 years old, and possess a valid national ID.”
If you already have a Payoneer account, you can link it directly through the Nequi app. If not, you can create one without leaving the Nequi app.
The new service offers “competitive” market rates.
The total fee is divided into two parts: Payoneer currently charges “up to 3% of the transfer value, while Nequi applies a fixed fee of 3 USD (VAT included) regardless of the transaction amount.”
It’s important to clarify that VAT is “only applied to the transfer fee, not the total transfer amount, in compliance with current legal provisions.”
As mentioned in the announcement, Nequi is a digital financial platform that seeks to help “improve people’s relationship with money.”
They have a range of financial and non-financial services, which “allow users to pay with the Nequi Card, pay for public services, recharge their cell phone, receive money from abroad, buy insurance or a bus ticket, and much more.”
Currently, they claim to have “more than 21 million users, with operations in Colombia.”
Nequi is a business line of Bancolombia SA.
As covered, Payoneer is the financial technology company empowering the world’s small and medium-sized businesses “to transact, do business, and grow globally.”
Payoneer was reportedly founded in 2005 with the belief that “talent is equally distributed, but opportunity is not.”
It is their mission to enable any entrepreneur and business “anywhere to participate and succeed in an increasingly digital global economy.”
Since their founding, they have built a global financial stack “that removes barriers and simplifies cross-border commerce.”
They make it easier for SMBs, particularly in emerging markets, to “connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.”