Colombia's payment market is rapidly digitizing, with increasing adoption rates of e-commerce and digital payment methods. Nevertheless, cash remains the primary payment method, accounting for 30% of total transaction volume. Credit card usage is growing, representing 25% of transactions, while bank transfers account for 20%.
Digital wallet usage is also increasing, especially among younger generations. Meanwhile, cash payment networks like Efecty remain important, providing unbanked consumers with access to e-commerce.
For merchants looking to enter the Colombian market, offering diverse payment options is crucial. This should include major credit cards, the PSE system, cash payment networks, and increasingly popular digital wallets. Additionally, considering Colombia's economic situation, offering installment payment options may be an important factor in attracting consumers. Furthermore, due to significant regional differences in Colombia, merchants may need to adjust their payment strategies according to consumer preferences in different regions.
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Popular payment methods
PSE
PSE is commonly used for bank transfer payments in CO.
- Payment type
- Bank Transfer
- Buyer coverage
- CO
- Payment currency
- COP
- Refund
- Partial refund
Efecty
Efecty is commonly used for digital wallets payments in CO.
- Payment type
- Digital Wallets
- Buyer coverage
- CO
- Payment currency
- COP
- Refund
- Partial refund
Colombia
Country code
CO
Currency code
COP
Currency unit
$ COP