Colombia Cards and Payments – Opportunities and Risks to 2026

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Colombia Cards and Payments Market Report Overview

The Colombia cards and payments market size was valued at $47.6 billion in 2022 and is expected to achieve a CAGR of more than 16% during 2022-2026. Cash is the preferred method of consumer payment in Colombia owing to its highly unbanked population and limited public awareness of electronic payments. However, several initiatives are being undertaken by governments and banks to increase the use of electronic payments.

The Colombia cards and payments market research report provides a detailed analysis of market trends in the Colombia cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, cards, direct debit, and cheques during the review period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Colombia Cards and Payments Market Outlook, 2022-2026 ($ Billion)

Colombia Cards and Payments Market Outlook, 2022-2026 ($ Billion)

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Colombia Cards and Payments Market Dynamics

The emergence of digital-only banks will further drive electronic payments in Colombia. In June 2022, on-demand delivery platform Rappi, in partnership with Banco Davivienda, launched a digital bank in the country through its existing mobile app, RappiPay. Most recently, Argentine financial technology company Ualá launched its digital-only bank in Colombia and is offering a Mastercard-branded debit card to its account holders.

To benefit from the growing market, new e-commerce platforms are being introduced in Colombia. In June 2022, the e-commerce platform Pada launched its operations in the country. Additionally, the growing market has encouraged international retailers like H&M to launch online stores in Colombia.

Colombia Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Colombia cards and payments market are cash, cards, direct debits, and cheques. In 2022, cash was the major payment instrument followed by cards and direct debits.

The key payment instruments in the Colombia cards and payments market are cash, cards, direct debits, and cheques. In 2022, cash was the major payment instrument followed by cards and direct debits.

Colombia Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Colombia Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Colombia Cards and Payments Market Segments

The key segments in the Colombia cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Colombia Cards and Payments Market - Competitive Landscape

Some of the leading players in the Colombia cards and payments market are Bancolombia, Davivienda, BBVA, Banco de Bogotá, BCSC Banco Caja Social, Banco Popular, Banco AV Villas, Colpatria Multibanca, Banco Agrario De Colombia, DE Occidente, and Itaú Unibanco.

Colombia Cards and Payments Market Report Overview

Market Size (2022) $47.6 billion
CAGR >16%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Cash, Cards, Direct Debits, and Cheques
Key Segments Card-Based Payments, E-Commerce Payments, and Alternative Payments
Leading Players Bancolombia, Davivienda, BBVA, Banco de Bogotá, BCSC Banco Caja Social, Banco Popular, Banco AV Villas, Colpatria Multibanca, Banco Agrario De Colombia, DE Occidente, and Itaú Unibanco

Segments Covered in the Report 

Colombia Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

  • Cash
  • Cards
  • Direct Debits
  • Cheques

Colombia Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

  • Card-Based Payments
  • E-Commerce Payments
  • Alternative Payments

Scope

This report provides:

  • Current and forecast values for each market in Colombia’s cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, direct debits, and cheques. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing Colombia’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of Colombia’s cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to Colombia’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Colombia’s cards and payments industry.
  • Assess the competitive dynamics in Colombia’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Colombia.
  • Gain insights into key regulations governing Colombia’s cards and payments industry.

Bancolombia
Davivienda
BBVA
Banco de Bogotá
BCSC Banco Caja Social
Banco Popular
Banco AV Villas
Colpatria Multibanca
Banco Agrario De Colombia
DE Occidente
Itaú Unibanco
Banco Falabella
Banco GNB Sudameris
Banco Coomeva
Confiar Cooperativo Financiera
Mastercard
Visa
American Express

Table of Contents

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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