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 leading global financial group headquartered in Spain, operating in over 30 countries, including Colombia, Mexico, and Portugal. The bank provides a full range of retail banking, corporate banking, investment banking, and wealth management services, with a strong focus on digital banking solutions through online and mobile platforms. BBVA is also committed to sustainability, integrating ESG practices across its operations, and is regulated by authorities such as Banco de España and Banco de Portugal.
Scotiabank
Grupo Financiero Scotiabank Inverlat, part of the Scotiabank Group, is a leading financial institution in Mexico and Colombia. The bank offers a full range of retail, corporate, and private banking services, including loans, credit, savings, wealth management, foreign exchange, and investment solutions. With hundreds of branches and ATMs, Scotiabank Inverlat serves individuals, SMEs, corporations, and government clients across both countries.
BANCOLOMBIA
Bancolombia, a leading Colombian financial group with over 146 years of experience, provides comprehensive retail, SME, corporate, and institutional banking services. Operating in Colombia, Panama, Guatemala, and El Salvador, Bancolombia is NYSE-listed and focuses on financial inclusion, sustainable development, and innovative banking solutions for individuals and businesses.
Banco GNB Sudameris
Banco GNB Sudameris, a leading commercial bank in Colombia, provides a wide range of retail, corporate, and investment banking services. The bank specializes in loans, savings accounts, credit and debit cards, leasing, and foreign trade services, offering comprehensive financial solutions for individuals, SMEs, and large corporations across Colombia.
Banco de Bogotá
Banco de Bogotá, the oldest commercial bank in Colombia, has been serving customers since 1988 with advanced retail banking, savings, and financial management services. Operating through 650 branches, five corporate service centers, and a banking attention center, the bank provides comprehensive banking solutions across Colombia.
Banco Davivienda
Davivienda, with over 51 years of experience in Colombia, is a leading bank providing retail, SME, and corporate banking services. Serving over 23.9 million customers through 671 branches and 2,847 ATMs, Davivienda offers loans, savings, credit cards, and digital banking solutions across the country.
Banco de Occidente
Banco de Occidente, headquartered in Cali, Colombia, is a leading commercial bank offering savings and current accounts, credit and debit cards, personal loans, insurance, leasing, and foreign trade services. The bank provides comprehensive retail and corporate banking solutions, supporting clients across Colombia’s financial sector.
Banco Popular Colombia
Banco Popular S.A., a private Colombian bank with over 70 years of experience, provides comprehensive retail, corporate, and financial services. The bank is committed to supporting clients, promoting financial inclusion, and fostering economic growth across Colombia.
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.
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