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The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020

The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020

  • April 2017
  • 50 pages
  • ID: 4837492
  • Format: PDF
  • By GlobalData

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The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020

Summary
GlobalData’s "The Cards and Payments Industry in Colombia: Emerging Trends and Opportunities to 2020", report provides detailed analysis of market trends in the Colombian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including direct debits, check payments, payment cards and cash transactions during the review period (2012-2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

To widen the scope of contactless payments in Colombia, Mastercard collaborated with Bancolombia and transport operators - including Recaudo Bogota, Metro de Medellin and SmartTaxi - in February 2015, to allow cardholders to access public transportation on these networks using their cards. This collaboration enables Colombians to make contactless payment for transportation fare directly with their Bancolombia Mastercard at Integrated Public Transit Systems (SITP) in places like Bogota, Mío in Cali, TransMetro in Barranquilla and the Medellin Metro.

Alternative payments are gradually gaining prominence in Colombia, with banks and payment solution providers launching services. The latest of these is the launch of the BBVA Wallet by BBVA Colombia in September 2016. Similarly, Group Aval and Bancolombia launched their Aval Pay and Bancolombia wallet respectively in September 2015. Similarly, the Colombia-based payment solution provider Paymenetz launched its mobile app, Plazez, in association with Mastercard in July 2015.

To enhance the card acceptance from foreign tourists in Colombia, payment service providers are offering personalized payment solutions. RBM Redeban, Colombia’s leading electronic payment processing company, and Planet Payment, a provider of international and multi-currency payment processing services, entered into an agreement in July 2016 to establish a dynamic currency conversion service named Pay in Your Currency. Pay in Your Currency provides international customers with the choice to pay in their local currency. Customers are given the convenience of selecting on their receipt whether they prefer to pay in Colombian pesos or their own, while the merchant continues to receive settlements in pesos.

This report also provides top-level market analysis, information and insights into the Colombian cards and payments industry, including -
- Current and forecast values for each market in the Colombian cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including direct debit, cash transactions, checks and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Colombian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape in the Colombian cards and payments industry.

Scope
- This report provides a comprehensive analysis of the Colombian cards and payments industry.
- It provides current values for the Colombian cards and payments industry for 2016, and forecast figures to 2020.
- It details the different demographic, economic, infrastructural and business drivers affecting the Colombian cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.

Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Colombian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Colombian cards and payments industry.
- Assess the competitive dynamics in the Colombian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Colombia.
- Gain insights into key regulations governing the Colombian cards and payments industry.

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