“CeroPay”: a BNPL proposal from Banco de Bogotá. Qorus Banking Innovation Awards 2023

Submitted by

Banco de Bogotá

Premium

21/09/2023 Banking Innovation

We wanted to empower customers to materialize their purchasing decisions, generating at the same time further financial inclusion, this due of 30% of the Colombian population does not have access to formal financial or credit resources, this due to a limited to a segment that does not have the financial resources needed to immediately afford products or services. We wanted to provide customers a convenient and a additional solution for their needs by using interest-free credit with our “Buy Now Pay Later” solution: “CeroPay”. Furthermore, this solution aids Banco de Bogotá allies businesses to increase customer attraction, both at physical stores and via e-commerce, generating turnover inventory and more availability of payment methods for their customers.

Innovation details

Country
ColombiaCategory
Core Offering InnovationKeyword
Loans, Payments, Retail banking

Innovation presentation

CeroPay by Banco de Bogotá was the pioneering "Buy Now Pay Later" service offered by a financial institution in Colombia. It aimed to provide users with an easy and hassle-free shopping experience by allowing immediate purchases without any interest charges. With advanced fraud controls, top-quality code, and user recognition features, CeroPay ensured a seamless purchasing process and a superior user experience. Nowadays, our CeroPay solution has been adopted by several businesses that allowed to their customers to purchase products that are tailored to their need thanks to this functionality.

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