Colombia - PayAmigo

COLOMBIA

Colombia’s digital payment sector is expected to reach a transaction value of USD 19.82 billion in 2024. Factors driving this growth include the convenience and speed of digital payments, the rise of digital businesses, and the expansion of the ecommerce and cross-border marketplaces.
As of March 2023, there were 15.7 million credit cards and 46.2 million debit cards in circulation, with credit card transactions up 12.9% year-on-year and debit card transactions up 19.3%.
By 2026, bank transfers are expected to have the same market share in Colombia’s ecommerce as credit cards, both accounting for 40% of online sales.
Digital wallets are becoming a regular part of everyday life in Colombia. It’s projected that around 4% of what online shoppers spend will be through digital wallets. This shows a growing trust and use of digital payment methods.

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