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Colombia

Discover the payments market in Colombia

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

The market in Colombia

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E-commerce

Connectivity and innovation are key in driving the rise in e-commerce transactions in Colombia. Estimated revenues for 2021 stand at 15 billion dollars.

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Internet penetration

Internet penetration in Colombia is 70%. Around 29 million Colombians are connected to the internet and 88.4% of them own a smartphone.

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Payment methods

Colombia belongs to the countries 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.

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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.

Payment methods

Colombia

Cash

Card

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