During the pandemic, companies that seek to bring digital banking to people who do not have access to a bank account and therefore a debit or credit card are becoming popular, a few days ago Ualá arrived in Mexico, which seeks to offer to anyone person in the country the possibility of opening their bank account and obtaining a card to access the benefits of online purchases or card payments, but not only Mexico benefits from these companies, as Nubaknk has officially announced its arrival in Colombia .
David Vélez, CEO and founder of Nubank mentioned that Colombia is the third market in Latin America where they start operations, and as happened with Mexico and Brazil, they seek to be an alternative for all Colombians who at this time do not have a bank account or they do not have access to a credit card due to the high limitations of traditional banks, as Nubank does not offer a debit card, but a credit card.
The CEO made it clear that the credit card will be adapted to the needs of Colombians, and that the entire process to request the card is done only from a device with Internet access, so they can do it from their smartphone with Android or iOS from its official application.
Because the entire process is digital, it is important to mention that the bank does not have any physical headquarters, and all processes and customer service are done through the application. Their business model seems to be successful among young audiences, as they currently have more than 30 million clients in Mexico and Brazil, and boast of being the largest independent digital bank in the world, and has the support of important investors such as TCV , Sequoia Capital, Kaszek Ventures, Tiger Global Management; QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital, and Chinese giant Tencent.
How to apply for a credit card?
To apply for a credit card, you must create your Nubank account and then send the requested documents for the validation and creation of the account, so you can do this whole process from this link, or, from the official application.
However, due to its recent arrival at the moment it is only possible to sign up for the waiting list, but in the next few days users will probably be receiving a response to their credit card requests.
Nubank’s promise in countries like Mexico and Brazil is not to charge fees for card handling or annuity, to offer monthly purchases without interest and not to have small bills, so their way of earning money is through the fee they charge. When you use your card to make purchases, that is, if you buy a 1,500 peso product, you as a user only pay that, but from there Nubank generates an income.
Being completely digital, these types of companies can afford to offer lower prices than traditional banks, hence they are a very attractive option for young people in Latin America, who find it increasingly difficult to access traditional bank credit .
The card of Nubank is backed by Mastercard, can be used internationally and has contactless technology for contactless payments.