The Colombian economy rebounded in 2021 from

COLOMBIA Fast Facts

the pandemic-induced recession with 9% overall
and 14% e-com CAGR projected through 2025. Cards Market data
accounted for over half of e-com transaction value 2021 e-com sales 2021 m-com 2021* - 2025** 2021* - 2025** 2025 e-com sales 2025 m-com sales
in 2021, with credit (34.7%) outpacing debit (18.9%). as % commerce sales as % e-com e-com CAGR POS CAGR as %** commerce as %** e-com
Bank transfers earned 16.5% share in 2021, digital
wallets continue to grow (13.6%) and COD is holding
strong with 10.4% share. Cash remains essential
6% 54% 14% 8% 8% 62%
among Colombian consumers, rebounding from a dip
in 2020 to represent 42.4% share. Gradual increases
Real-time payments
in credit (25.1%) and debit (21.5%) will lead to cards
accounting for a majority of POS payment transaction Name Year live
value by 2023. Transfiya 2019
Initially only supporting small merchants, the Average daily volume Average daily value
new real-time payments service in Colombia is
soon expanding with business-focused payment 3,560 N/A
services through its open API. Developed by Bogota-
based fintech Minka and ACH Colombia, Transfiya
is a blockchain-based instant payment solution. It Overlay Services:
already has 11 participants, including seven banks Proxy for payments using mobile number (recipient must accept and indicate which institution should
receive the money), B2B payments with request to pay, QR code payments are in development
(covering most of the domestic market), two mobile
wallets, a financial cooperative and fintech Sedpe.
With a maximum of 250,000 Colombian pesos per
transaction, users can make up to five transfers daily,
equivalent to a maximum of 1.25 million pesos per day. 82
Did you know?
Colombian consumers are embracing innovative payment
COLOMBIA
2020 card brand breakdowns (e-com and POS)

methods, especially in e-commerce. Pagos Seguros en Línea

54% 43%
(PSE), a bank transfer method that works on ACH, is the most
popular alternative payment method. Bogotá-based Rappi is an
emerging super app capturing the imagination – and spend – of MASTERCARD VISA
consumers across Colombia.

2021 e-com mix by payment method 1%

AMERICAN EXPRESS
1%
DINERS CLUB
1%
OTHERS

Credit/Charge Card 35%

Debit Card 19%
Bank Transfer 17%
Digital/Mobile Wallet 14%
POS and e-com projected growth
Cash on Delivery 10%
PostPay 5%
US$209bn
Buy Now, Pay Later 1%
US$17bn

US$153bn

US$11bn
2021 point of sale mix by payment method
US$10bn

Cash 42% US$7bn

US$6bn
Credit/Charge Card 25% US$5bn
Debit Card 22% 2021* 2025**
Digital/Mobile Wallet 7%
e-com turnover POS
Retailer/Bank Financing 2%
Prepaid Card 1% Desktop

Buy Now, Pay Later 1% Mobile

Popular alternative
* Estimated **Forecasted payment methods
83
Numbers adjusted for rounding may impact totals.