Breaking into Colombia: UNLEASHING POTENTIAL IN LATIN AMERICA'S DIGITAL FRONTIER

How EBANX merchants can unlock the vast potential of Colombia's thriving digital economy.

By partnering with EBANX, you know our commitment to empowering businesses to succeed in new territories. Now, let us guide you toward the economy that emerges as the next big promise in Latin America, boasting the third-largest market in the region and consistent levels of digital buyers.

COLOMBIA'S ECONOMIC SURGE: A PROMISING FRONTIER FOR GLOBAL BRANDS

Colombia's digital market is rapidly gaining traction, fueled by a growing economy and increasing consumer spending power. With projections estimating an average compound annual growth of 23% through 2025, Colombia is a promising destination for businesses looking to tap into its emerging market.

  • 3rd largest economy

in Latin America

3 million people

Projected to add to consumer class by 2030.

23% annual growth

of digital market through 2025

UNVEILING COLOMBIA'S DIGITAL COMMERCE DYNAMICS

Take a deep dive into Colombia's thriving digital commerce scene, where unusual growth and consumer engagement await savvy merchants. These are the crucial trends and factors driving Colombia's digital market, which will provide valuable insights to power your expansion strategy in Latin America.

Explosive Growth Trajectory

Colombia's digital commerce sector is experiencing rapid expansion, positioning it as a key player in Latin America's digital landscape. With a market value of USD 42.3 billion and a staggering 30% growth rate over 2023, Colombia presents unprecedented opportunities for businesses to capitalize on.

Mobile Revolution

Mobile commerce is driving Colombia's digital revolution, with a staggering 76% of online sales conducted via smartphones. This mobile-first approach underscores the importance of optimizing digital strategies for mobile platforms to engage Colombian consumers effectively.

Social Media Influence

Colombia boasts the highest rate of brand research on social media in Latin America, with 66% of Colombians turning to platforms like Facebook and Instagram to inform their purchasing decisions. This presents a unique opportunity for brands to leverage social media marketing to drive engagement and cultivate brand loyalty among Colombian consumers.

KEY PAYMENT METHODS TO WIN IN COLOMBIA

A diverse and evolving payment landscape in Colombia shapes how consumers transact online. Recognizing these preferences is vital to maximizing your reach and driving conversions. Colombians prefer credit cards and bank transfers for online purchases. Account-based transfers, such as PSE, have gained notable market traction.

Credit Cards and Bank Transfers Dominate

Credit cards account for 42% of online sales, making them the top payment method. Bank transfers follow closely, with PSE (a service designed for e-commerce) holding a 25% market share and facilitating USD 10 billion in transactions annually.

PSE's Growing Influence

PSE rapidly gained traction with over 24,000 affiliate stores connected to Colombian banks and 215 million transactions in 2023. It commands a 95% market share among bank transfer methods, highlighting its importance in the local payment ecosystem.

Emerging Payment Methods

While credit cards and bank transfers dominate, other methods like Boton Bancolombia are also gaining popularity. This service allows Bancolombia users to pay through simplified bank transfers, enhancing convenience and adoption.

Payment methods share in Colombia’s digital commerce

Get superior payment performance with EBANX.

According to Mastercard Advisors data, EBANX has outperformed other players in Latin America in terms of approval rates and fraud management. Our solution's fraud rate is 27 bps lower than the peer group average.

Optimized balance between approval rates and chargeback levels

Higher conversion rates for Alternative Payments through optimized user experience

Specialized and outperformer anti-fraud solution with deep connections with local players

EBANX fraud and risk management solution is consistently above the market average...

-27 bps

lower fraud rates than the peer group, per Mastercard Advisors

+21 p.p.

higher approval rates than the peer group, per Mastercard Advisors

...and has brought more revenue to our merchants

+5 p.p.

uplift in approval rates with EBANX anti-fraud engine

zero

increase in chargeback rates with EBANX anti-fraud engine

EBANX is your gateway to Colombia

As an existing merchant partnered with EBANX, you can confidently leverage our comprehensive payment platform to expand your business into Colombia and seamlessly cross borders.

Streamlined Entry

Overcome regulatory hurdles effortlessly with EBANX's infrastructure.

Tailored Solutions

Get tailored strategies to meet the unique specificities of the Colombian digital market.

Payment Innovation

Offer diverse payment methods, including PSE and local cards.

Market Insights

Leverage EBANX's insights to understand Colombian consumer behavior and preferences.

Here's what your Colombian payment offering will be like when you expand with EBANX.

Payment Methods
Installmentswhen a payment is made at intervals
Recurrence
International Settlement
Domestic Settlement
Efecty
Installments

No

when a payment is made at intervals
International Settlement

Yes

Domestic Settlement

Yes

No
Yes
Yes
Visa
Mastercard
American Express
Diners Club
Codensa
Installments

Yes

when a payment is made at intervals
International Settlement

Yes

Domestic Settlement

Yes

Yes
Yes
Yes
Visa
Mastercard
American Express
Diners Club
Codensa
Installments

No

when a payment is made at intervals
International Settlement

Yes

Domestic Settlement

Yes

No
Yes
Yes
PSE
Bancolombia
Installments

No

when a payment is made at intervals
International Settlement

Yes

Domestic Settlement

Yes

No
Yes
Yes
Nequi
Installments

No

when a payment is made at intervals
International Settlement

Yes

Domestic Settlement

Yes

No
Yes
Yes

READY TO LAND AND GROW IN COLOMBIA?

Ready to unlock Colombia's potential with EBANX? Explore how our merchants have expanded their business to Colombia and grown considerably with us.

Discover their success story now!