Key Points:
- Bancolombia is launching WeniaCard, allowing cryptocurrency payments at merchants accepting MasterCard.
- The card operates digitally via mobile apps like Apple Pay and Google Pay.
- Wenia lowered commission fees for converting digital assets from 0.6% to 0.1%.
- The platform now supports Solana, representing 22% of transactions alongside Bitcoin, Ether, and Polygon.
Bancolombia Launches WeniaCard to Boost Cryptocurrency Adoption
Bancolombia is furthering its foray into the cryptocurrency space with the upcoming launch of WeniaCard, a fully digital payment solution integrated with its Wenia crypto platform. The card, which will enable users to spend their digital assets at any merchant accepting MasterCard, represents a significant step forward for cryptocurrency utilization in Colombia.
The WeniaCard is set to operate entirely through digital payment methods, seamlessly integrating with popular mobile apps such as Apple Pay and Google Pay. This marks a shift towards more convenient, technology-driven financial solutions, providing users with an easy and secure way to engage with their digital assets. Bancolombia’s CEO, Pablo Arboleda, emphasized the bank’s commitment to creating accessible and secure cryptocurrency solutions without the need for physical cards.
The launch of this card comes amid growing interest in digital currencies across Colombia, where approximately six million citizens are actively participating in the cryptocurrency market. Arboleda views this growing demographic as a key audience for the Wenia platform, which aims to promote wider acceptance and education around digital currencies.
Wenia’s Expansion and Lower Fees to Attract More Users
In addition to launching the WeniaCard, Bancolombia has made significant strides in reducing the costs associated with cryptocurrency transactions. The bank recently lowered its commission fees for converting digital assets, dropping from 0.6% to just 0.1%, a change that took effect on October 2, 2024. Arboleda stressed that lowering these fees is crucial for promoting the broader use of cryptocurrencies and encouraging more users to adopt digital currencies as part of their daily financial activities.
Wenia has also expanded its range of supported cryptocurrencies, adding compatibility with Solana—a rapidly growing digital asset that now accounts for 22% of all transactions on the platform within a month. Bitcoin remains the most popular option, representing 35% of transactions, but Wenia also offers users access to Ether (ETH) and Polygon (POL), further diversifying the investment opportunities available on the platform.
A key feature for Wenia users is the ability to hold and transact with COPW, a stablecoin pegged to the Colombian peso. This feature allows customers to convert and use the stablecoin without incurring additional costs, making it easier for users to integrate cryptocurrency into their everyday purchases. This aligns with Wenia’s mission to make digital assets more practical and accessible for Colombians.
Since its launch in May 2024, the Wenia platform has offered a secure environment for buying, selling, converting, and transferring various digital assets, including Bitcoin, Ether, Polygon, USDC, and COPW. This platform has become a valuable resource for those interested in exploring the rapidly growing cryptocurrency market in Colombia.
Bancolombia’s WeniaCard aims to fill a gap left by previous attempts to integrate cryptocurrency into daily financial life. Notably, Binance’s prepaid card initiative in Colombia was suspended after just a few months. In contrast, Bancolombia aims to establish a more stable and long-term solution, backed by the bank’s robust infrastructure and customer support. With the introduction of WeniaCard, Bancolombia is positioning itself as a leader in facilitating cryptocurrency transactions for everyday purchases in the Colombian market.
