Colombia

A fast-evolving Latin American payments market embracing digital transformation

Overview

Colombia has emerged as one of Latin America’s most dynamic payments markets with strong adoption of digital wallets, QR payments, and real-time transfers

Government initiatives, fintech innovation, and a growing e-commerce sector have accelerated the shift from cash to digital

Colombia’s young, mobile-savvy population and improving infrastructure make it a key market for regional and global payment providers

Key Characteristics

Rapid adoption of mobile wallets and QR code payments

Expansion of real-time payments through Transfiya and PSE

Rising e-commerce penetration and digital-first financial services

Ongoing collaboration between banks, fintechs, and regulators

Supported Payment Methods

Credit and debit cards Visa, Mastercard, and American Express

Digital wallets such as Nequi and Daviplata

Real-time payments via Transfiya and PSE

QR-based and contactless payments gaining traction

Cash-based vouchers like Efecty and Baloto still used for e-commerce

Key Providers

Nequi and Daviplata dominate mobile wallet usage

ACH Colombia operates Transfiya and PSE systems

Banks including Bancolombia, Davivienda, and BBVA Colombia lead digital payment innovation

Global players such as PayU, Mercado Pago, and Stripe expanding local reach

Regulation and Compliance

The Superintendencia Financiera de Colombia (SFC) regulates payment services and financial technology under frameworks promoting interoperability, transparency, and consumer protection

Regulatory efforts are aligned with regional initiatives to enable open banking and fintech inclusion

Want to know more about payments in Colombia?

Contact Bizz2Pay today to discuss your requirements or get introduced to the right Payment Provider covering the most popular payment methods offered in Colombia