Colombia has a population of 51 million people with a large and young population, which presents a significant market opportunity for digital companies. The country has the highest e-commerce adoption in the region. Reach 100% of Colombians by offering PSE, Efecty and local cards
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TThe fastest growing digital market in and the third most populous country in Latin America
The arrival of global companies in Colombia is boosting e-commerce solutions throughout the value chain of the digital ecosystem. Colombian online consumers are becoming familiar with buying from foreign websites.
There are 11.6M* online shoppers in the country, and the total addressable market is expanding along with the increase of connectivity.
PSE - 16%
CREDIT CARD - 52%
Cash Payments (EfectY, Baloto, SuRed) - 13%
International Wires - 2%
Crypto Currencies (Stablecoins) - 3%
Bogotá
South America
Colombian Peso
USD/COP = 4344,55
51.2M
US$ 314.32B
US$ 6.131
Colombia has a population of over 50 million people, providing a significant potential market for digital products and services.
CColombia has seen significant growth in internet usage in recent years, with over 70% of the population now using the internet. This presents an opportunity for digital companies to reach a large and growing user base.
Colombia's growing middle class has increased purchasing power and disposable income, making them a potential market for digital products and services.
Colombia is a mobile-first market, with a high percentage of the population accessing the internet through their mobile devices. This makes it an attractive market for mobile apps and services.
The Colombian government has taken steps to support the growth of the digital economy, including promoting investment and innovation in the sector.
This payment method is one of the primary options of Colombians when shopping online. All Colombian cards are enabled to make international purchases, yet, local banks and issuers impose some obstacles to international shopping. FacilitaPay card solution offers local acquiring what increases approval rates.
Debit card usage in Colombia has been growing rapidly in recent years, with over 20 million cardholders in the country as of 2021. The number of POS terminals in Colombia has been increasing, with over 200,000 in use as of 2021. This has helped to boost debit card usage, as consumers can now make card payments at a growing number of merchants. FacilitaPay card solution offers local acquiring what increases approval rates.
The preferred alternative payment solution in Colombia. Pagos Seguros en Línea allows your customers to make bank transfers directly from their bank accounts, without needing a credit card.
Baloto is Colombia’s main lottery operator in the country and also has a payment network, with more than 13.500 payment stations, it’s able to reach 96% of the cities. Clients can pay purchases offline or online. When choosing the offline option, they receive a payment voucher with a barcode and a serial number, which can be paid at one of the payment stations.
Being one of the largest payments networks in Colombia, SuRed is partnered with more than 27.000 convenience stores from different brands and across 32 departments. Clients who choose this payment method receive a voucher that can be paid in cash at any of their points.
With real-time confirmation and easy user experience, Efecty is one of the most popular cash payment vouchers in Colombia, payable in over 10,000 locations throughout the country. Increases your sales by reaching a vast part of Colombian customers that prefer to pay offline, with cash and allows you to reach the unbanked population.
Installment purchases are very popular in Colombia, over 70% of online credit card transactions are installment-based. The clients are allowed to pay their purchase in up to 36 months. The banks, who finance the operation charge interest rates, which are charged directly to the client depending on the agreement he has with his bank.
Learn everything you need to know about the eCommerce payments landscape in Colombia in our straight-to-the-point country guide.
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