Nequi, a Colombian digital financial platform with more than 29 million users, is entering the buy now, pay later space through a new alliance with payment network Redeban. The collaboration allows customers who already have preapproved credit in the Nequi app to use it at physical merchants that operate Redeban dataphones. The announcement was made during the banking convention and marks a shift from digital-only credit use to everyday in-store purchases.
A Strategic Alliance for Checkout Financing
Previously, Nequi's credit could be used mainly in digital commerce environments, but the alliance brings this preapproved financing option to physical stores of all sizes. Redeban's infrastructure includes more than 340,000 dataphones and reaches 98 percent of Colombia's municipalities. The companies plan to enable the service progressively, giving millions of users a new way to pay at the point of sale.
How the In-Store Credit Payment Works
At checkout, a customer asks to pay with Nequi, and the merchant selects that option on the Redeban dataphone before entering the customer's mobile number. The payment request then appears in the Nequi app, where the user can confirm the amount and choose the preapproved credit offer if it is available. After the customer accepts the loan terms and meets all requirements, Nequi disburses the funds to the merchant instantly and the purchase is confirmed in the app.
Reach and Existing Credit Portfolio
More than three million Nequi users already have a preapproved credit line that could be used under the new arrangement, and around one million customers currently hold active loans. Nequi reports a loan portfolio of 2.3 trillion Colombian pesos and an additional 10 trillion pesos in preapproved amounts. The platform operates in all 32 departments of Colombia, which supports broad potential adoption.
Leadership Perspectives on Financial Inclusion
Andrés Vásquez, CEO of Nequi, said credit becomes valuable when it is available at the moment a person actually needs it. Andrés Felipe Duque, executive president of Redeban, said the alliance enables financing alternatives at the time of purchase and opens the door to scale the solution with more strategic partners. Both executives highlighted convenience, context, and responsible use as central principles of the initiative.
Responsible Lending and Progressive Deployment
Nequi emphasized that this option does not create automatic credit for every customer, since access depends on a prior evaluation under its risk policies and the existence of a preapproved offer. The rollout will be gradual across Redeban's dataphone network, meaning not all merchants will be enabled immediately. Leaders from both companies noted that the alliance can expand financing alternatives at the moment of purchase while promoting responsible use.
A Competitive Shift in Colombian Payments
By moving preapproved credit into physical retail, Nequi is entering direct competition with established buy now, pay later players such as Addi at the point of sale. The development may push other digital wallets and payment networks to strengthen their own checkout financing offers. It also reflects a broader trend in Colombia toward integrating credit more deeply into everyday payment experiences.
The partnership positions Nequi to compete more directly with other buy now, pay later providers in Colombia by taking preapproved credit into physical stores. It also strengthens Redeban's merchant network with a financing option that can increase conversion at checkout. As the rollout progresses, the initiative may accelerate the adoption of digital credit in everyday commerce and raise competitive pressure across the Colombian payment ecosystem.