Digital payments landscape in Colombia - statistics & facts
Digital payments and Colombia are not immediately synonymous with each other in 2024, as the country ranks among the most likely users of cash in the world. Within Latin America, the share of cash in Colombia is on par with that of Mexico and Peru. The main difference between these countries, however, is that Colombia's use of cash in POS transaction has not changed much recently. This is due to the country's unbanked consumer base, with over one-third of the country's population not having access to this financial service. Financial inclusion and digital payments are therefore major themes in Colombia, perhaps more so than in other Latin American countries. It may also explain why Colombia ranks in the top 25 countries that receive the most remittances from elsewhere in the world.
Digital payments refer to any form of cashless payment or payments conducted without banknotes or coins in either an online or offline environment. This can include mobile payments (digital payments performed with a mobile device), fintech (such companies tend to be at the forefront of payment digitalization), or relatively young trends like buy now, pay later (BNPL) or cryptocurrency. Out of all these cashless options, which developments are noteworthy to know about for Colombia?
Digital payments refer to any form of cashless payment or payments conducted without banknotes or coins in either an online or offline environment. This can include mobile payments (digital payments performed with a mobile device), fintech (such companies tend to be at the forefront of payment digitalization), or relatively young trends like buy now, pay later (BNPL) or cryptocurrency. Out of all these cashless options, which developments are noteworthy to know about for Colombia?
