Colombia

Colombia

General Information

  • Population 51.6 m
  • Population 15 + 40.4 m
  • Online Population 35.7 m
  • Area 1,141,748 km2
  • Currency COP
  • GDP 300.8 bn USD
  • GDP per Capita 5,829 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"51"},{"label":"Cash-based payments","value":"9"},{"label":"Bank transfer","value":"18"},{"label":"Wallets","value":"13"},{"label":"Other","value":"9"}]
Banked population
  • Colombia 49%
  • South & Central America 56%
  • World 67%
Credit card penetration
  • Colombia 15%
  • South & Central America 18%
  • World 19%
Internet penetration
  • Colombia 69%
  • South & Central America 70%
  • World 62%
Smartphone penetration
  • Colombia 74%
  • South & Central America 71%
  • World 70%

In recent years, thanks largely to the availability of easy-to-use digital banking, the unbanked population of Colombia has shrunk from 30% to 23%. 

Internet penetration in Colombia is almost 70%. The average fixed-line connection speed is 55.21 Mbps. For mobile connections, the average is 13.34 Mbps. 

Between 2022 and 2028, the Colombian social-commerce market is expected to grow by more 35% to reach a value of over US$3 billion. 

Between 2019 and 2022, the number of Colombian Internet users with a fast fibre-optic connection to the home grew by 218%. 

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 11.9
2023 13.8
2024 15.5
2025 17.2
2026 18.8
E-Commerce spending per capita ($US)
2022 229
2023 263
2024 294
2025 322
2026 349
E-Commerce spending as % of GDP
2022 4.0%
2023 4.4%
2024 4.6%
2025 4.8%
2026 4.9%

Colombia

The E-Commerce Market

Top e-commerce segments

  1. Fashion: 33%
  2. Electronics & Media: 21%
  3. Furniture & Appliances: 19%
  4. Toys, Hobby & DIY: 19%
  5. Food & Personal Care: 8%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 16%
  2. Value of cross-border e-commerce – 1.4 bn USD
  3. Online shoppers who have shopped cross-border – 48%
B2C E-commerce Growth 20->21
  • Colombia 40.5%
E-commerce % of total retail
  • Colombia 7%
  • South & Central America 4.9%
  • World 20%
E-commerce completed on a mobile device
  • Colombia 43%
  • South & Central America 47%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
[{"label":"Visa","value":"42"},{"label":"Mastercard","value":"57"},{"label":"American Express","value":"1"}]
  • E-commerce market size 9.8 bn USD
  • E-Commerce spending per capita 191 USD
  • E-commerce spending as % of GDP 3.5%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Colombia

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayU Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 2 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Cencosud Type Local payment card Regions South & Central America Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Efecty Type Cash Regions South & Central America Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mercado Pago Type Wallet Regions South & Central America Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PSE (Boton PSE) Type Bank transfer Regions South & Central America Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Tigo Money Type Wallet Regions South & Central America Market relevance High Via Baloto Type Cash Regions South & Central America Market relevance High Almacenes Éxito Type Cash Regions South & Central America Market relevance Medium Bancolombia App Personas Type Bank transfer, Wallet Regions South & Central America Market relevance Medium AstroPay Type Prepaid voucher Regions Asia Pacific, Middle East & Africa, South & Central America + 1 Market relevance Medium Carulla Type Cash Regions South & Central America Market relevance Medium Davivienda Type Bank transfer, Cash Regions South & Central America Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium Surtimax Type Cash Regions South & Central America Market relevance Medium Amex LOCAL Type Local payment card Regions South & Central America Banco AV Villas Type Bank transfer Regions South & Central America Banco Caja Social Type Bank transfer Regions South & Central America Banco Cooperativo Coopcentral Type Bank transfer Regions South & Central America Banco de Bogotá Type Bank transfer Regions South & Central America Banco de Occidente Type Bank transfer Regions South & Central America Banco de Occidente Cash Type Cash Regions South & Central America Banco GNB Sudameris Type Bank transfer Regions South & Central America Banco Pichincha Type Bank transfer Regions South & Central America, Western & Central Europe Bancoomeva Type Bank transfer Regions South & Central America BBVA Type Bank transfer Regions Middle East & Africa, North America, South & Central America + 1 Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium MasterCard LOCAL Type Local payment card Regions South & Central America Market relevance High NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 SafetyPay Type Bank transfer, Cash Regions South & Central America, Western & Central Europe Market relevance High Visa LOCAL Type Local payment card Regions South & Central America Market relevance High Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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