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.
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...
...and has brought more revenue to our merchants
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.
Cash-Based Payment
No
when a payment is made at intervalsYes
Yes
Credit Cards
Yes
when a payment is made at intervalsYes
Yes
Debit Cards
No
when a payment is made at intervalsYes
Yes
Bank Transfers
No
when a payment is made at intervalsYes
Yes
Digital Wallets
No
when a payment is made at intervalsYes
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.