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Payments Landscape in Colombia: Opportunities and Risks to 2022

Payments Landscape in Colombia: Opportunities and Risks to 2022

  • July 2018
  • 50 pages
  • ID: 5473917
In this report:
ACCORDING TO THE BORRADORES DE ECONOMÍA - FINANCIAL INFORMATION IN COLOMBIA REPORT PUBLISHED BY THE CENTRAL BANK IN FEBRUARY 2017, ##% OF RESPONDENTS PERCEIVE THAT HIGH COSTS ARE ASSOCIATED WITH OPENING A SAVINGS ACCOUNT, WHILE ##% CONSIDERED THAT PRODUCTS OFFERED BY THE FINANCIAL SYSTEM ARE INADEQUATE FOR THEIR NEEDS.

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Payments Landscape in Colombia: Opportunities and Risks to 2022

Brief

GlobalData's "Payments Landscape in Colombia: Alternatives and Risks to 2022", report offers in-depth analysis of market trends in the Colombian cards and payments industry. It offers values and volumes for a number of top performance indicators in the industry, including payment cards, cash, direct debit, and cheques during the review-period (2014-18e).

The study also analyzes different payment card markets operating in the industry and provides exhaustive information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers data on the country's ambitious landscape, including market shares of issuers and schemes.

The analysis offers together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to recognize segment dynamics and challenging advantages. The market research also covers in-depth regulatory policies and new changes in regulatory structure.

This industry report offers top-level market analysis, info and business 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 cash, direct debits, payment cards, and cheques. It also, includes an overview of the country's main alternative payment instruments.

- E-commerce market analysis and payment methods.

- Analysis of several 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.

Overview

- There is an increasing preference for online and digital banking in Latin American markets including Colombia. Bancolombia, for example, in March 2016 introduced its digital-only app-based bank Nequi in Colombia. Using the app, consumers can conduct basic financial services including opening a savings account, fund transfers, cash withdrawals at ATMs, and QR-based instore payments. To further enhance the security on the app, in August 2016 Nequi introduced mobile biometrics authentication. This allows consumers to login to the app via facial recognition technology. The bank had opened more than 20,000 accounts by January 2017 and plans to take this number to 650,000 by the end of 2018.

- The emergence of contactless technology has also supported the growth of card-based payments. Colombian consumers are increasingly embracing contactless wearables, thereby transforming the payments market. In July 2016, Banco de Bogotá introduced a mobile token for the Apple watch. To use the service, consumers need to link their Apple watch with the downloaded Token Móvil Banco de Bogota app. Then, via the token code generated in the app, consumers can conduct money transfers and payments using their watch. More recently, in 2017 Bancolombia via its mobile app also introduced financial functions for Apple and Android wearables.

- Alternative payments are gradually gaining prominence in Colombia, with banks and payment solution providers launching and improving their services. In January 2018, Bancolombia updated its mobile wallet (previously introduced in September 2015) to include biometric identification. Using the service, users can access their wallet through fingerprint identification, making it more secure and convenient. As of January 2018, the wallet has a consumer base of 200,000 individuals. Previously, in September 2016, BBVA Colombia introduced its BBVA Wallet which allows users to make contactless mobile payments of up to COP42,000 ($14.08) without the need to authenticate transactions with a PIN.

Great reasons to purchase

- Make tactical business decisions, using top-level historic and forecast market data, related to the Colombian cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Colombian cards and payments industry.

- Assess the ambitious dynamics in the Colombian cards and payments industry.

- Gain insights into marketing strategies used for different card types in Colombia.

- Gain insights into main regulations governing the Colombian cards and payments industry.

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