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Market Research Report
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963021

Colombia Cards and Payments - Opportunities and Risks to 2025

Published: | GlobalData | 61 Pages | Delivery time: 1-2 business days

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Colombia Cards and Payments - Opportunities and Risks to 2025
Published: January 12, 2022
GlobalData
Content info: 61 Pages
Delivery time: 1-2 business days
  • Description
  • Table of Contents

GlobalData's 'Colombia Cards and Payments - Opportunities and Risks to 2025' 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 cash, cards, direct debits, and cheques during the review-period (2017-21e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country's competitive landscape, including 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 detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the Colombian cards and payments industry, including -

  • Current and forecast values for each market in the Colombian cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cash, cards, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis .
  • Analysis of various market drivers and regulations governing the Colombian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope

  • The emergence of digital-only banks will push electronic payments in the country. In March 2016, Bancolombia introduced its digital-only bank Nequi. Using the bank's app, consumers are offered a debit card and can conduct basic financial tasks including fund transfers, cash withdrawals at ATMs, and QR code-based in-store payments. The bank has over 5.8 million users as of November 2021. In September 2020, Brazil-based digital-only bank Nubank launched in Colombia under the brand name Nu. The bank started offering credit cards in the country from February 2021. In June 2021, digital bank IRIS - which focuses on corporate and business customers - was launched in Colombia. Currently, the bank offers business accounts and loans. In July 2021, Superintendencia Financiera de Colombia authorized digital-only bank Lulo to operate in the country. Meanwhile, on-demand delivery platform Rappi is planning to launch its digital bank in the country in 2022.
  • To further promote electronic payments, instant payments were introduced in Colombia. In the last quarter of 2019, open banking solutions provider Minka partnered with ACH Colombia to launch Transfiya. Transfiya is a blockchain-based instant payment solution that enables Colombians to transfer money in seconds using the recipient's mobile phone number, via the sender's mobile banking app or internet banking platform. The solution - which is offered by 13 financial institutions - operates 24 hours a day, seven days a week, 365 days a year, with a per transfer limit of COP250,000 ($73.09) and up to five transfers per day.
  • The gradual rise in adoption of contactless payments during the review period has supported payment card usage. To capitalize on this, banks such as Bancolombia, Banco Agrario, and Davivienda all offer contactless cards. By July 2021, Scotiabank Colpatria had migrated its 150,000 Mastercard debit cards to contactless variants. The bank issued 600,000 contactless cards in 2020. Meanwhile, Bancolombia reported that 77 million contactless transactions were made using its debit cards in 2020, which represented 39% of its total debit card transactions. The bank had issued over 8.4 million contactless debit cards in the country by December 2020. As of November 2020, 25% of in-store payments made using Visa cards in the country were contactless and 39% of merchants accepted contactless payments.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Colombian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Colombian cards and payments industry.
  • Assess the competitive dynamics in the Colombian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Colombia.
  • Gain insights into key regulations governing the Colombian cards and payments industry.
Product Code: GDFS0558CI

Table of Contents

Table of Contents

  • Market Overview
  • Payment Instruments
  • Card-Based Payments
  • Ecommerce Payments
  • Alternative Payments
  • Payment Innovations
  • Job Analysis
  • Payment Infrastructure and Regulation

Appendix