Bancolombia and Vlipco launch new joint initiative for online payments

Contxto – Consumers seemed enthusiastic after the General Shareholder Assembly of Bancolombia announced a new partnership with Vlipco, last week. This new initiative aims to make online payments more efficient for Latin America’s fifth largest e-Commerce market.

In summary

The payment gateway will be implemented in the upcoming months and will enable peer-to-peer transactions via social media, such as Facebook, Instagram and Whatsapp, as well as the traditional in-site purchasing option.

The Colombian startup will provide its virtual infrastructure and support, enabling online businesses to send links to their customers with which they can access and pay seamlessly.

Apparently, the only requirement is having an active account in either Bancolombia or its digital subsidiary, Nequi. With no documentation requirement or complex API integrations, you can open your account in less than 10 minutes and go on an online shopping spree.

In-depth

According to a Bancolombia spokesman, this new platform will possess the highest level of financial data protection, addressing the safety concerns of the many. Certified with the PCI DSS level 1 (Payment Card Industry Data Security Standard), users can enjoy fast online payments with advanced security measures.

“This is an initiative that revolutionizes the relationship between banks and fintechs, and that contributes significantly to the development of the country, as it responds not only to the needs of new businesses and users, but to the challenges of these companies that need entities like Bancolombia to propel their growth potential,” said Juan Carlos Mora, president of Grupo Bancolombia.

In addition, David Peláez, CEO of Vlipco, believes that the partnership will enhance SME’s product promotion efforts and the practicality for customers to obtain the goods and services they need, quickly and efficiently.

Conclusion

Nowadays, online payment gateways are the norm and there are several good ones out there, however, there’s one thing I consider an advantage in this model. Moving prospective customers down the marketing funnel is tough, and a great percentage of potential buyers get lost in a single click between the Facebook page and the actual website where you’re able to complete the purchase.

With this partnership, online businesses would be able to manage all prospecting; from marketing to selling the item, without users having to leave their Facebook feed. I’m definitely curious to see how that works and to test whether my theory was right or wrong.