💣The rise of digital wallets in Colombia🇨🇴

💣The rise of digital wallets in Colombia🇨🇴

According to research conducted by the Colombian payment union "Colombia Fintech," in 2023, there were 54,634,939 digital wallet users registered in the country. Given the country's population of 52,695,952, this figure is notable, even accounting for the fact that individuals may use multiple payment tools.

🔤 The data is based on 13 payment providers, with #Nequi being the most popular. Nequi, an electronic wallet launched in 2016 by Bancolombia, is followed by "Bancolombia a la Mano," Daviplata, Movii, BeMovil, and Dale.

🔤 The number of digital transactions is also on the rise: in 2023, there were a total of 3,342,269,484 transactions.

🔤 In terms of value, approximately 332 billion USD were transferred through digital wallets in 2023.

🔤 According to statistics from another Colombian fintech, Minka, the number of digital transactions increased by 231% in the first quarter of 2024 compared to the same period in 2023. Colombia’s rapid digital transition in the private sector positions it ahead of Peru🇵🇪, Chile🇨🇱, Bolivia🇧🇴, and Ecuador🇪🇨.

🔤 The government is actively supporting this growth and has officially endorsed a focus on "financial inclusion," encouraging unbanked individuals to adopt alternative payment methods.

#news #Colombia

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