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Nequi
Nequi, a product of Bancolombia, is one of the most popular e-wallets and financial platforms in Colombia.
Method
Nequi
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
18M
Disbursements
No
No
Chargebacks
No
Authorization currency
COP
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Accessibility Opening a Nequi account is free, and only requires that the user is over 13 years old, has a phone number, and a personal identification document
Security and convenience Nequi stores user data inside the app, creating an extra layer of security during the authentication procesThe platform also utilizes end-to-end encryption and multi-factor authentication to ensure transaction security
