Bancolombia to launch WeniaCard to facilitate cryptocurrency payments

Bancolombia is advancing its efforts to integrate cryptocurrency into everyday transactions with the introduction of the WeniaCard, a digital payment solution linked to its Wenia crypto platform.

This new card will allow users to utilize their digital assets at any merchant accepting MasterCard, marking a notable step in the evolution of cryptocurrency use in Colombia.

The WeniaCard will operate as a fully digital payment method, enabling users to conduct transactions seamlessly through popular mobile payment applications like Apple Pay and Google Pay.

CEO Pablo Arboleda indicated that this approach aims to provide a convenient and secure method for users to engage with their cryptocurrency holdings without relying on physical cards.

The launch of the WeniaCard comes at a time when cryptocurrency adoption is gaining momentum in Colombia.

Arboleda noted that approximately six million Colombians are currently active in the digital currency space, suggesting a growing market for cryptocurrency solutions.

The Wenia platform is expected to cater to a tech-savvy demographic, providing an opportunity for increased education and acceptance of digital currencies among a wider audience.

In addition to the card’s launch, Wenia has lowered its commission fees for converting digital assets from 0.6% to 0.1%, effective October 2.

Arboleda stated that reducing fees is essential to promote greater utilization of digital assets, indicating the bank’s commitment to enhancing its service offerings for current and prospective users.

Wenia accounts for 22% of all transactions within a month

Wenia has also broadened its range of supported cryptocurrencies by adding compatibility with the Solana network, which has quickly become popular, accounting for 22% of all transactions within a month.

Despite Bitcoin remaining the dominant player at 35%, Wenia also provides access to other cryptocurrencies like Ether (ETH) and Polygon (POL), further diversifying options for investors.

Customers holding COPW, a stablecoin pegged to the Colombian peso, can convert and utilize this asset without additional costs, aligning with Wenia’s objective of facilitating cryptocurrency adoption in daily financial activities.

Launched in May 2024, Wenia serves as Bancolombia’s dedicated platform for cryptocurrency, offering users an environment for buying, selling, converting, and transferring a variety of digital assets, including Bitcoin, Ether, POL, USDC, and COPW.

This platform represents a significant resource for Colombians interested in exploring the growing market for digital currencies.

The introduction of the WeniaCard contributes to the expanding suite of financial tools enabling cryptocurrency transactions for everyday purchases.

In contrast to previous initiatives in Colombia, such as Binance’s prepaid card—which suspended operations within months—Wenia aims to establish a more durable presence backed by solid infrastructure and user support.

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