Accept payments in Colombia

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Colombia Payment Market Overview

Colombia is the third largest country by population in Latin America, and one of the fastest growing economies in the region. E-commerce grew 30.6% in 2020 due to COVID-related restrictions, accelerating the adoption of online purchases and payments across a variety of segments like Fashion & Beauty, Electronics, Furniture and Appliances, Digital Music and Video games.

Banked adult population grew to 73% in 2020, making credit cards and ACH payments some of the most used payment methods in e-commerce, also cash based payment methods as Baloto, Efecty and Gana still have an important acceptance among buyers.

Payment Methods in Colombia

Key Market Indicators in Colombia

Online shopping market value
Mobile commerce rate
Online shoppers
Avg annual online spend

Banks in Colombia

Banco de Bogota
Banco de Occidente
Banco Popular
Banco Caja Social

Mobile Carriers in Colombia


Integrate Colombian Payment Methods

The mainstream solutions, like credit cards and online banking, popular in the countries with a developed financial structure, haven’t reached the majority of the population yet. Mobile phone payments, prepaid options, and bank deposits dominate the landscape.

Most of these options are based on the principle that the customer is able to pay the bill in cash at a local retail store or kiosk. Adding these payment options will help you to reach a broader range of customers that otherwise would stay outside due to the undeveloped infrastructure in their region.

Country Statistics
Region Latin America
Population 51 million
E-commerce market size $5.4 billion
Local currency COP
Key Metrics
Purchasing power index 32.6
Internet penetration rate 52.4%
Average internet cost $20
Mobile penetration rate 98.1%
Cellular technology standard 2G, 3G, 4G
Popular mobile OS Android, iOS
Other Information
Big Mac Index 3.74
Average annual income $6,428
Largest Cities in Colombia by Population
Bogota 8,181,047
Medellin 2,529,403
Cali 2,445,405
Barranquilla 1,232,462
Cartagena 1,036,134

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