Colombia

Explore the payments market in Colombia

Colombia is considered the fastest developing e-commerce market in Latin America, with a growth rate equivalent to 20% per year.

The market in Colombia

E-Commerce

Connectivity and innovation play crucial roles in fueling the surge of e-commerce transactions in Colombia. The estimated revenues for 2021 are projected to reach an impressive $15 billion.

Payment methods

In Colombia, cash payments prevail as the dominant method within the payment sector, similar to many other Latin American countries. Efecty stands out as the most widely utilized service for cash transactions, providing a secure and user-friendly digital payment interface with the added convenience of real-time settlement capability.

Internet penetration

Colombia boasts a 70% internet penetration rate, with approximately 29 million Colombians enjoying internet connectivity. Furthermore, an impressive 88.4% of these individuals own a smartphone.

Access to banking

Within Colombia, an impressive 87% of adults actively utilize banking services. The country is home to a substantial population of 31.6 million individuals who possess savings or credit products.