Debit Cards in Colombia - New Market Research Report

From: Fast Market Research, Inc.
Published: Tue Dec 01 2015

Apps and cards, a winning combination

Development within e-commerce has taken an unprecedented path thanks to transportation applications such as Tapssi, Easy Taxi, Uber and Smart Taxi. Due its premium purpose, Uber was the first to receive card payments, a strategy that was rapidly followed by the rest. The results has been very fruitful for users, drivers and card issuers. The apps are motivating consumers to pay using credit cards for a service that has been dominated for years by cash through attractive discounts and special promotions. Transportation apps are considered significant innovations that have had a strong impact in a short period of time, improving security and convenience regarding transactions.

Foreign visitors to pay in their currency

Thanks to a partnership between CredibanCo, a major VISA acquirer and electronic payments company, and Fintrax, foreign visitors to Colombia will, from 2015 onwards, be able to use their own currency in local merchants. The multicurrency payment platform will be quite convenient for visitors whose cards are issued in other countries, as they will not need to consider currency exchange rates to make price calculations. This service is set to result in significant growth for both local transactions made by foreign visitors as well as for transactions made with local cards in other countries.

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Mobile payment solutions for independent workers

Service providers, contractors or sellers such as dentists, lawyers and a large group of direct sellers working in consumer health or beauty and personal care companies as independent associates, are now benefiting from the newest mobile payment platforms, as with RBM Móvil they are able to receive card payments. RBM Móvil is a payments solution launched in 2014 that allows independent workers or contractors to use their smartphones as POS. The deployment of this technology is also benefiting consumers as they are now able to avoid using cash and pay using financial cards. According to trade sources, cash was the payment means used in this vast area of the economy. This type of solution aims to reduce in some way cash usage that still dominates in Colombia.

New banks to bring dynamism

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