Bancolombia Set to Launch WeniaCard for Crypto Payments

Key
Points:

1. 
   Bancolombia
   is
   launching
   WeniaCard,
   allowing
   cryptocurrency
   payments
   at
   merchants
   accepting
   MasterCard.
2. 
   The
   card
   operates
   digitally
   via
   mobile
   apps
   like
   Apple
   Pay
   and
   Google
   Pay.
3. 
   Wenia
   lowered
   commission
   fees
   for
   converting
   digital
   assets
   from
   0.6%
   to
   0.1%.
4. 
   The
   platform
   now
   supports
   Solana,
   representing
   22%
   of
   transactions
   alongside
   Bitcoin,
   Ether,
   and
   Polygon.

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.