Market Research Report
The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020
|Published by||GlobalData||Product code||489880|
|Published||Content info||50 Pages
|The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020|
|Published: April 7, 2017||Content info: 50 Pages||
GlobalData's "The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020", report provides detailed analysis of market trends in the Colombian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including direct debits, check payments, payment cards and cash transactions during the review period (2012-2016).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
To widen the scope of contactless payments in Colombia, Mastercard collaborated with Bancolombia and transport operators - including Recaudo Bogota, Metro de Medellin and SmartTaxi - in February 2015, to allow cardholders to access public transportation on these networks using their cards. This collaboration enables Colombians to make contactless payment for transportation fare directly with their Bancolombia Mastercard at Integrated Public Transit Systems (SITP) in places like Bogota, Mio in Cali, TransMetro in Barranquilla and the Medellin Metro.
Alternative payments are gradually gaining prominence in Colombia, with banks and payment solution providers launching services. The latest of these is the launch of the BBVA Wallet by BBVA Colombia in September 2016. Similarly, Group Aval and Bancolombia launched their Aval Pay and Bancolombia wallet respectively in September 2015. Similarly, the Colombia-based payment solution provider Paymenetz launched its mobile app, Plazez, in association with Mastercard in July 2015.
To enhance the card acceptance from foreign tourists in Colombia, payment service providers are offering personalized payment solutions. RBM Redeban, Colombia's leading electronic payment processing company, and Planet Payment, a provider of international and multi-currency payment processing services, entered into an agreement in July 2016 to establish a dynamic currency conversion service named Pay in Your Currency. Pay in Your Currency provides international customers with the choice to pay in their local currency. Customers are given the convenience of selecting on their receipt whether they prefer to pay in Colombian pesos or their own, while the merchant continues to receive settlements in pesos.
This report also provides top-level market analysis, information and insights into the Colombian cards and payments industry, including -