Colombia Cards and Payments: Opportunities and Risks to 2028

Colombia Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Colombia Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Colombian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, cards, direct debits and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Colombia Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Colombian cards and payments industry, including -

• Current and forecast values for each market in the Colomobian cards and payments industry, including debit, and credit cards.
• Detailed insights into payment instruments including cash, credit transfers, cards, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Colombia cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Colombia cards and payments industry.

Key Highlights

• In May 2023, Colombia’s Parliament approved a national development plan for 2022-26 to promote the use of electronic payments as well as improve financial inclusion and cashless infrastructure. One of the focus areas of the plan is to significantly enhance financial inclusion by increasing access to banking and financial services for the unbanked population.
• Instant payment system Transfiya allows users to make P2P fund transfers instantly between accounts as well as payments to merchants and businesses. By the end of December 2023, more than 12 million users had sent and received money using only their phone number via Transfiya. As of October 2024, Transfiya is supported by 23 financial institutions and banks, including Bancolombia, Banco de Bogota, Banco Serfinanza, Banco AV Villas, Banco Caja Social, Banco Cooperativo Coopcentral, Banco de Occidente, and Banco Finandina. Meanwhile, to further improve payment infrastructure and promote financial inclusion, in September 2023, payment processing company Redeban launched a new instant payment system called Entre-cuentas.
• Colombia’s banked population stands at 63.4% in 2024e, prompting government initiatives to improve financial inclusion. A key focus is the use of banking correspondents. These agents act on behalf of commercial banks to provide basic banking services, with a particular focus on boosting banking access in rural areas. Banks including Banco de Bogota offer agent banking services to their customers. According to Financial Inclusion Report 2023: Progress and Challenges in Columbia (created by Banca de las Oportunidades and the Superintendencia Financiera de Colombia), there are 587,983 banking correspondents in Colombia-an increase of 18.9% compared to 2022.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Colombia along with detailed card segmentation of debit, and credit cards available in the country.
• Market sizing and analysis of major payment instruments including cards, credit transfers, cash, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Colombia cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Colombia cards and payments industry.
• Assess the competitive dynamics in the Colombian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Colombia.
• Gain insights into key regulations governing the Colombia cards and payments industry.