Connectivity and innovation are key in driving the rise in e-commerce transactions in Colombia. Estimated revenues for 2021 stand at 15 billion dollars.
Internet penetration in Colombia is 70%. Around 29 million Colombians are connected to the internet and 88.4% of them own a smartphone.
Colombia is another Latin American country where cash payments dominate the payment sector. The most used service for cash is Efecty. It offers a secure and easily usable digital payment interface with real-time settlement capability.
Access to banking
In Colombia, 87% of adults use banking services and there are 31.6 million people who have a product for savings or for credit in the country.