Colombia Profile: Online Transactions Affect Colombia's Digital Payment Services

23 Oct, 2020 . 4 minutes



Colombia’s population was estimated at 50.8 million in 2020. The average highest online spending is from the 25-years-to-34 years age group at 33.4 percent last year. Ecommerce has been growing at a steady pace since 2019. B2C ecommerce users are growing 8.6 percent each year and are expected to rise to 22 million users in 2020.

Colombia’s internet penetration rose to 69 percent in January 2020. B2C ecommerce users are expected to reach an average transaction value of US$366.7 per user and a total transaction value of as much as US$8.07 billion by the final quarter of 2020. Most cross-border ecommerce shoppers purchase from the US, China, Mexico and Brazil.

The most preferred method of payment for online purchases was credit cards. Also, the number of digital buyers has increased the penetration of digital wallets.  After Covid-19 the use of money transfers was up to 66 percent. Meanwhile, the use of online payments for public services increased 71 percent as at March 2020.




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