Colombia

Colombia

General Information

  • Population 50.8m
  • Population 15 + 38.9m
  • Online Population 34.5m
  • Area 1,141,748 km2
  • Currency COP
  • GDP 271.5bn USD
  • GDP per Capita 5,336 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"52"},{"label":"Cash-based payments","value":"11"},{"label":"Bank transfer","value":"16"},{"label":"Wallets","value":"13"},{"label":"Other","value":"8"}]
Banked population
  • Colombia 46%
  • South & Central America 56%
  • World 67%
Credit card penetration
  • Colombia 14%
  • South & Central America 18%
  • World 19%
Internet penetration
  • Colombia 68%
  • South & Central America 70%
  • World 62%
Smartphone penetration
  • Colombia 72%
  • South & Central America 71%
  • World 70%

60% of the internet using population of Colombia shopped online in 2020, that is almost 22 m people, spending 5.4 bn USD. Of that, 3 bn $US were bought using a mobile phone.

To help boost the retail industry in 2020, Colombia held three VAT free shopping days. As the first led to a rise in COVID numbers, the second was declared an e-commerce only day. The third was a mix of online and instore. Day two saw the highest rise in shoppers (46%) and money spent (41%).

The Colombian economy struggled in the first half of the year 2020 but looks to rebound strongly in the second half with an annual growth expected of 7.6% in 2021, and 3.5% in 2022 according to the OECD.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 10.3
2022 11.9
2023 13.5
2024 14.3
2025 17.2
E-Commerce spending per capita ($US)
2021 200
2022 224
2023 258
2024 290
2025 323
E-Commerce spending as % of GDP
2021 3.3
2022 3.5
2023 2.8
2024 4.0
2025 4.2

Colombia

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 30% | 22%
  2. Clothing & Footwear: 10% | 11%
  3. Electrical Goods: 10% | 11%
  4. Food & Drink: 10% | 11%
  5. Homeware & Furniture: 7% | 5%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 15%
  2. Value of cross-border e-commerce ($US billion) – 1.3
  3. % of online shoppers who have shopped cross-border – 51%

op 3 cross-border shopping origin markets

  1. US
  2. China
  3. Mexico
E-commerce % of total retail
  • Colombia 5%
  • South & Central America 4.9%
  • World 20%
E-commerce completed on a mobile device
  • Colombia 50%
  • South & Central America 47%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local schemes
[{"label":"Visa","value":"33"},{"label":"Mastercard","value":"44"},{"label":"American Express","value":"1"},{"label":"Local schemes","value":"22"}]
  • E-commerce market size ($US billion) 8.9bn USD
  • E-Commerce spending per capita ($US) 174 USD
  • E-commerce spending as % of GDP 50%

Colombia

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High PayU Type Bank transfer Regions Asia Pacific + 4 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High Cencosud Type Local payment card Regions South & Central America Market relevance High DaoPay Type Carrier billing Regions Asia Pacific + 5 Market relevance High Efecty Type Cash Regions South & Central America Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Mercado Pago Type Wallet Regions South & Central America Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High PSE (Boton PSE) Type Bank transfer Regions South & Central America Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 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 + 5 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 + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 MasterCard LOCAL Type Local payment card Regions South & Central America Market relevance High NETELLER Type Wallet Regions Asia Pacific + 5 Visa LOCAL Type Local payment card Regions South & Central America Market relevance High Splitit Type Instalments Regions Asia Pacific + 5

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