Colombia
Colombia, a dynamic economy in South America with a population of over 52 million people, is a diverse and rapidly growing market. Known for its oil, mining, agriculture, manufacturing, and services sectors, Colombia plays a key role in regional trade and global commodity markets. Its economy is evolving with increasing focus on technology, digital finance, e-commerce, and fintech innovation.
Colombia is a global leader in coffee, oil, flowers, and coal exports, while agriculture, energy, and manufacturing industries contribute significantly to economic growth and job creation. The services sector, including finance, tourism, digital payments, and e-commerce, is central to financial inclusion and modernizing the economy.
As a member of Pacific Alliance and trade agreements with the US, EU, and neighboring countries, Colombia benefits from regional trade, foreign direct investment, and cross-border commerce, while its trade and investment policies support fintech expansion and digital innovation.
Colombia faces challenges such as inflation, currency volatility, and fiscal constraints, with inflation around 8-9% in 2023. The Central Bank of Colombia (Banco de la República) implements monetary policies to maintain economic stability and sustainable growth. Urban unemployment is approximately 10%, with youth unemployment a persistent concern.
Digital transformation is accelerating, with growing adoption of mobile wallets, APMs, QR-code payments, contactless cards, and online banking. Fintech companies and digital payment providers are expanding rapidly, supported by a tech-savvy population and increasing internet penetration.
Sustainable development and renewable energy are national priorities, with investments in wind, solar, and hydroelectric projects promoting green growth, clean energy innovation, and ESG-compliant investment opportunities. Colombia’s strategic focus on modernization, digital finance, and international trade integration positions it as a promising destination for investment, e-commerce, and cross-border payments.
Top banks
In Colombia, cash remains the dominant payment method, used by 42% of consumers for in-store purchases, restaurants, and other points of sale. Debit cards are widely adopted, with 25% of respondents making online payments, while e-wallet usage is still emerging at 7%. In 2019, Colombia processed $36 billion in POS transactions, averaging $50 per transaction.
BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a global financial group headquartered in Spain, founded in 1857. It is one of the largest banks in the world, operating in over 30 countries, including Portugal. BBVA offers a range of services, including retail banking, corporate banking, investment banking, and wealth management. Known for its focus on digital transformation, the bank provides advanced online and mobile banking services. BBVA is also committed to sustainability, integrating environmental, social, and governance (ESG) factors into its operations. It is regulated by banking authorities such as the Banco de España and Banco de Portugal.
Scotiabank
Grupo Financiero Scotiabank Inverlat is a member of Scotiabank Group, a global financial services company, whose headquarters are in Toronto, Canada. Scotiabank is one of the leading financial institutions in North America and it is Canada's most international bank. It offers financial products and services to individuals, small and medium businesses, enterprises and to the government sector. With 671 branches (624 and 47 Bank Private Banking and Wealth) and 1,468 ATMs nationwide, Grupo Financiero Scotiabank Inverlat, offers a wide range of financial products and services, which include traditional banking, foreign exchange and markets to individuals, commercial and corporate clients.
BANCOLOMBIA
We are a leading Financial Group with more than 146 years of experience, evolving to meet the challenges of a constantly changing environment. Our actions are grounded in ethics and integrity as basic principles, with the purpose of promoting sustainable economic development for the well-being of all. We are a growing, profitable organization with almost 30,000 employees and present in Colombia, Panama, Guatemala and El Salvador. We have been listed on the New York Stock Exchange (NYSE) for 25 years, being the first Colombian financial institution listed on that market. We provide access to financial and non-financial solutions for individuals, entrepreneurs, SMEs, companies and institutions, while investing in educational, entrepreneurial and environmental initiatives that help generate positive transformations in society. We have permanent access to funding in the local and international capital markets.
Banco GNB Sudameris
Sudameris is a niche bank specializing in three main products: business loans, direct-debit loans, and treasury products. Commercial loans (to the SME and corporate sector) make up 53% of its portfolio, and consumer loans, the majority of them direct-debit loans, 47%. Sudameris owns the second largest network of automatic teller machines in Colombia, with more than 2,179 ATMs.
Banco de Bogotá
Banco de Bogotá has utilized FIS' deposits, savings, financial management and architecture to support its retail banking operations since 1988. Banco de Bogotá is the oldest commercial banking institution in Colombia, and operates through approximately 650 branches, five corporate service centers and a banking attention center in the country.
Banco Davivienda
With over 51 years of experience in the Colombian market, Davivienda offers a wide range of financial services to individuals, SMEs, and corporate customers. The bank currently serves over 23.9 million customers through a network of 671 branches and more than 2,847 ATMs.
Banco de Occidente
Banco de Occidente is a commercial bank based in Cali, Colombia. The bank offers savings account, current account, credit and debit card, insurance, personal loan, revolving credit line, leasing, equipment credit, exchange operations and foreign trade services.
Banco Popular Colombia
Banco Popular S.A. is a Colombian Public Limited (Liability) Company, of a private nature, with a history of more than 70 years in the financial market, throughout which it has been committed to providing financial support and accompaniment to all its clients to help them achieve their goals.
Top payment methods
In Colombia, cash remains dominant, followed by debit cards. Digital solutions like e-wallets (Naqui), Baloto, and PSE enable bill payments, ticket purchases, and online shopping, driving a cashless economy and promoting financial inclusion.
Nequi
Nequi is a digital wallet and mobile banking service in Colombia. It allows users to store money in their digital wallet, make payments, and transfer money to other Nequi users.
To use Nequi, users must first download the Nequi app and register for an account. Once the account is created, users can add money to their digital wallet by making a transfer from their bank account or by depositing cash at a Nequi agent.
Once the money is in the digital wallet, users can use it to make payments to merchants that accept Nequi or to transfer money to other Nequi users. Users can also use Nequi to pay bills, top up their mobile phone credit, and make online purchases.
One of the key features of Nequi is its integration with Colombia's national ID system, meaning that users can easily verify their identity and open an account, even if they don't have a bank account.
Additionally, Nequi also supports QR code payments, which allows customers to make a payment using a QR code, making it easy for merchants to accept Nequi payments and for customers to make payments without the need to share personal information.
Baloto
Baloto is a convenient voucher system that allows customers to pay bills, send and collect money electronically. It can be paid at over 10,000 stores across Colombia. Boleto Flash is similar to Boleto Bancário but includes payment confirmation to the merchant in less than one hour. Customers can pay via online banking, at an ATM, participating bank branch or at 13,000 corner shops nationwide, and once payment confirmation has been received, the merchant ships the purchase.
PSE (Pagos Seguros en Línea) is an online payment system in Colombia that enables customers to make secure online payments using their bank accounts. PSE is supported by most of the banks in Colombia, and it allows customers to make payments for online purchases, utility bills, and other services.To use PSE, customers must have an online banking account with one of the banks that support PSE. Then, at the checkout of an online store, the customer selects PSE as the payment method and is redirected to their bank's website to complete the payment.The customer must then log in to their online banking account and authorize the payment. Once the payment is authorized, the customer is redirected back to the online store, and the purchase is completed. PSE is considered a secure way to make online payments in Colombia because customers are not required to share their credit or debit card information with the merchant, which reduces the risk of fraud. Additionally, PSE is also a convenient option for customers who don't have a credit or debit card.PSE is widely accepted among merchants, it is a popular and safe option for online purchases in Colombia.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Concluding remarks
Colombia’s payment ecosystem blends cash, debit cards, and digital solutions like Naqui, Baloto, and PSE. Growing adoption of mobile payments, e-wallets, and online banking is fostering a cashless economy, enhancing financial inclusion, and modernizing the country’s financial services sector.
Cash
Physical currency is still widely used in Colombia, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted for credit and debit card payments in Colombia. However, not all businesses accept cards, and some may enforce a minimum purchase amount for card transactions. Card payments are more common in urban areas and tourist destinations.
Mobile payments
Mobile payments are becoming increasingly popular in Colombia, with apps like PSE, Baloto, and Efecty allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Colombia, particularly Bitcoin.
Debit card
Debit card usage is common in Colombia, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
For more information contact us: info@processing.news
About Processing News
You Won’t Learn This in Business School – Real Industry Insight
The global payments industry evolves faster than ever — powering everything from digital banking to eCommerce transactions. Yet few truly understand how payment processing, fintech innovation, and financial technology shape the world economy. That’s where Processing News comes in. At Processing News, we don’t just report on the payments ecosystem — we’ve built, run, and innovated within it. Our team of experts includes former fintech executives, payment system architects, compliance officers, and technology insiders who bring real-world experience to every article. We launched Processing News to be the Wikipedia of Payments — accessible, in-depth, and always accurate. In an era of clickbait and recycled press releases, we deliver trusted payments journalism rooted in industry expertise and data-driven analysis. Whether it’s new payment regulations, card network updates, emerging fintech startups, or fraud prevention trends, we provide clear, credible insight into what truly drives the global payment processing industry.
Welcome to Processing News — Real people. Real experience. Real payments journalism.
Contact us:
