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.
Companies Mentioned
Visa
Mastercard
American Express
Diners Club
Bancolombia
Banco Davivienda
BBVA Colombia
Banco de Bogota
Banco Caja Social
Banco Colpatria
Banco Falabella
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Table of Contents
EXECUTIVE SUMMARY 2
1.1. Market overview 2
1.2. Key facts 3
1.3. Top five industry events 4
2. PAYMENT INSTRUMENTS 10
2.1. Current payment environment 10
3. E-COMMERCE AND ALTERNATIVE PAYMENTS 12
3.1. E-Commerce market analysis 12
3.2. Alternative payment solutions 14
3.2.1. BBVA Wallet 14
3.2.2. Aval Pay 14
3.2.3. Bancolombia wallet 14
3.2.4. Plazez 14
3.2.5. Visa Checkout 15
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 16
4.1. Regulatory framework 16
4.1.1. Regulation governing electronic payments 16
4.2. Anti-money laundering 17
4.3. Foreign direct investment regulations 17
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 18
6. PAYMENT CARDS 21
7. DEBIT CARDS 23
7.1. Debit cards market analysis 23
7.2. Competition in the debit cards market 25
7.3. Debit cards comparison 27
8. PAY LATER CARDS 28
8.1. Pay later cards market analysis 28
8.2. Competition in the pay later cards market 30
8.3. Pay later cards comparison 32
9. PREPAID CARDS 33
10. APPENDIX 35
10.1. Abbreviations and acronyms 35
10.2. Supplementary data 36
10.3. Definitions 44
10.4. Common payment card features 45
10.5. Methodology 46
10.6. Bibliography 48
10.7. Further reading 48
List of Tables
Table 1: Colombia, Key Facts, 2016 3
Table 2: Colombia, Regional Benchmarking of Payment Cards, 2016 3
Table 3: Colombia, Mode of Entry of Foreign Banks 17
Table 4: Colombia, Debit Cards Comparison and Key Features, 2017 27
Table 5: Colombia, Gold Credit Cards Comparison and Key Features, 2017 32
Table 6: Colombia, Premium Credit Cards Comparison and Key Features, 2017 32
Table 7: Colombia, Payment Instrument Transaction Values (COP Trillion), 2012-2016 36
Table 8: Colombia, Payment Instrument Transaction Values (US$ Billion), 2012-2016 36
Table 9: Colombia, Payment Instrument Transaction Volumes (Million), 2012-2016 36
Table 10: Colombia, Payment Cards in Circulation by Type (Million), 2012-2020 36
Table 11: Colombia, Volume of Payment Card Transactions (Million), 2012-2020 37
Table 12: Colombia, Value of Payment Card Transactions (COP Trillion), 2012-2020 37
Table 13: Colombia, Value of Payment Card Transactions (US$ Billion), 2012-2020 37
Table 14: Colombia, Debit Cards in Circulation (Million), 2012-2020 37
Table 15: Colombia, Debit Card Transaction Volumes, 2012-2020 38
Table 16: Colombia, Debit Card Transaction Values (COP), 2012-2020 38
Table 17: Colombia, Debit Card Transaction Values (US$), 2012-2020 38
Table 18: Colombia, Debit Cards in Circulation by Scheme (Million), 2012-2016 39
Table 19: Colombia, Debit Card Transaction Values by Scheme (COP Trillion), 2012-2016 39
Table 20: Colombia, Debit Card Transaction Values by Scheme (US$ Billion), 2012-2016 39
Table 21: Colombia, Debit Card Transaction Values by Issuer (COP Trillion), 2012-2016 39
Table 22: Colombia, Debit Card Transaction Values by Issuer (US$ Billion), 2012-2016 40
Table 23: Colombia, Pay Later Cards in Circulation (Million), 2012-2020 40
Table 24: Colombia, Pay Later Card Transaction Volumes, 2012-2020 40
Table 25: Colombia, Pay Later Card Transaction Values (COP), 2012-2020 41
Table 26: Colombia, Pay Later Card Transaction Values (US$), 2012-2020 41
Table 27: Colombia, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016 41
Table 28: Colombia, Pay Later Card Transaction Values by Scheme (COP Trillion), 2012-2016 42
Table 29: Colombia, Pay Later Card Transaction Values by Scheme (US$ Billion), 2012-2016 42
Table 30: Colombia, Pay Later Card Transaction Values by Issuer (COP Trillion), 2012-2016 42
Table 31: Colombia, Pay Later Card Transaction Values by Issuer (US$ Billion), 2012-2016 43
Table 32: Colombia, Prepaid Cards in Circulation (Million), 2012-2020 43
Table 33: Colombia, Prepaid Card Transaction Values (COP Billion), 2012-2020 43
Table 34: Colombia, Prepaid Card Transaction Values (US$ Million), 2012-2020 43
Table 35: Definitions of Commonly Used Terms 44
Table 36: Common Features of Payment Cards 45
List of Figures
Figure 1: Colombia, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 10
Figure 2: Colombia, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 11
Figure 3: Colombia, E-Commerce Value 12
Figure 4: Colombia, Population and Economic Indicators 18
Figure 5: Colombia, ATMs, POS Terminals and Household Consumption 19
Figure 6: Colombia, Payment Cards Transaction Value and Cards in Circulation, 2012-2020 21
Figure 7: Colombia, Debit Card Penetration and Turnover Per Card 23
Figure 8: Colombia, Debit Cards Scheme and Issuer Transaction Value Share, 2016 25
Figure 9: Colombia, Pay Later Card Penetration and Turnover Per Card 28
Figure 10: Colombia, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016 30
Figure 11: Colombia, Prepaid Cards in Circulation and Transaction Value, 2012-2020 33
