Panama
Panama, a vibrant Central American economy with a population of approximately 4.5 million, relies heavily on banking, logistics, trade, and tourism, with the Panama Canal as a critical global trade route. Panama’s GDP reached around $77 billion in 2023, with services contributing 70%, industry 26%, and agriculture 3%.
Panama is a key import-export hub, exporting minerals, petroleum products, and agricultural goods, while importing machinery, vehicles, and consumer products. The Panama Canal significantly boosts trade revenues.
Panama’s e-commerce and fintech sector is growing rapidly. Popular online payment methods include Yappy, Banistmo, BAC Credomatic, Visa, Mastercard, and mobile wallets. Digital payments, widely accepted by businesses and government services, make Panama an ideal market for online payment providers.
Cryptocurrencies, including Bitcoin and USDC, are increasingly used in commercial transactions, reflecting Panama’s openness to innovative digital payment solutions. Panama’s strategic location, growing digital adoption, and thriving fintech ecosystem make it an attractive market for international merchants and fintech companies expanding in Latin America.
Top banks
Banco General
Banco General Panama, founded in 1955, is the country’s largest private bank Panama. Offering retail banking Panama, corporate banking Panama, and digital banking Panama, it is renowned for stability, innovation, and customer service. Banco General drives Panama’s fintech growth and adoption of digital payments Panama nationwide.
Banistmo
Banistmo Panama, founded in 1984 and part of Grupo Bancolombia, is a top bank Panama offering retail banking Panama, corporate banking Panama, mobile banking Panama, and online payment solutions Panama. With a focus on digital financial inclusion and e-commerce Panama, Banistmo drives innovation and secure cashless transactions nationwide.
BAC Credomatic
BAC Credomatic Panama, established in 1952, is a leading banking Panama provider offering credit cards Panama, personal and business loans Panama, and digital banking services Panama. It is a pioneer in mobile payments Panama, online banking Panama, and supports secure cashless transactions for both consumers and businesses.
Multibank
Multibank Panama, established in 1991, offers retail banking Panama, corporate banking Panama, and international banking services Panama. Known for digital banking solutions Panama, it supports mobile payments Panama, online transactions Panama, and contributes to the growth of Panama’s e-commerce and cashless payment ecosystem.
Global Bank Panama
Global Bank Panama, founded in 1994, provides commercial banking Panama, retail banking Panama, and digital banking services Panama. With a focus on fintech innovation, mobile banking Panama, and secure online payments Panama, it enhances customer convenience and drives the growth of Panama’s digital financial ecosystem.
Top payment methods
Yappy
Yappy Panama is a leading mobile payment solution in Panama, allowing users to send money instantly, pay bills, and shop online or in-store using smartphones. Popular for P2P transfers and digital payments, Yappy simplifies e-commerce transactions and supports Panama’s growing fintech ecosystem.
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.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Cash
Cash payments remain widely used in Panama, especially for small transactions, local markets, and informal businesses. While rural areas prefer cash, urban centers are increasingly adopting digital payments and mobile wallets.
Cards
Visa, Mastercard, and American Express dominate card payments in Panama. Debit cards are popular for in-store purchases, while credit cards are preferred for online shopping, travel, and large transactions. Banks like BAC Credomatic, Banistmo, and Banco General provide secure card payment solutions.
Bank transfers
Bank transfers are widely used for payroll, utility bills, and B2B payments. Major Panama banks offer online banking platforms for efficient domestic and international money transfers.
Mobile wallets
Mobile wallets such as Yappy and bank-specific apps enable peer-to-peer transfers, bill payments, and QR-code transactions. Alternative payment methods (APMs) are growing due to convenience, digital adoption, and smartphone penetration.
Cryptocurrency
Cryptocurrency adoption in Panama is niche, mainly among tech-savvy users and investors. Some merchants and fintech startups accept Bitcoin and other digital currencies, but regulatory clarity and mainstream adoption remain limited.
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:
