Pomelo expands its business in banking with card and payment solutions. According to its data, tokenisation rises from 1% to 20% of its transactions in two years.
The fintech Pomelo is expanding its presence in the banking sector with solutions for card issuance, transaction processing, and payment modernisation. According to information published by Revista C-Level, among the entities incorporating its infrastructure are BBVA, Bancolombia, Bancamía, Santander, GNB Sudameris, and Banisi.
The expansion comes as banks seek to renew the systems that support their operations, after years of investment focused on mobile applications and digital channels. The company works with more than 180 corporate clients and its platform allows for the addition of features without completely replacing existing technology.
Pomelo also reports that tokenisation, which replaces sensitive card data with digital credentials, has risen from 1% to nearly 20% of its clients' transactions in the last two years. This figure corresponds to operations processed on its own platform, not to the entirety of the Colombian financial system.
In Colombia, Bancamía, an entity of the BBVA Microfinance Foundation, issues and processes debit cards that clients can request, activate, and block from the mobile app. Wenia, from the Bancolombia Group, has incorporated a digital card for purchases with selected cryptocurrencies from its wallet, and Banisi issues Visa Debit cards.
“Banking is entering a phase where modernising infrastructure becomes as important as innovating in customer experience.”
This was stated by Antonio Santiago, Business Development Manager of Pomelo for the Andean Region, who added that the industry needs platforms to evolve its card and payment businesses and launch products more quickly. Among the corporate clients mentioned by the company are also Western Union, Creditas, Kavak, and Stori.
With tokenisation, cards can be integrated with Apple Pay and Google Pay, and authentication and fraud prevention tools are added. For entities, technological modernisation allows for faster product launches, although it requires maintaining security standards and regulatory compliance.
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