Research By Markets adds Market Research Report - Latest Report on Colombia Cards and Payments – Opportunities and Risks to 2024
For detailed information: https://www.researchbymarkets.com/report/colombia-cards-and-payments-opportunities-and-risks-to-2024-644946.html
Colombia Cards and Payments – Opportunities and Risks to 2024
Colombia Cards and Payments – Opportunities and Risks to 2024′ report provides detailed analysis of market trends in Colombia’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, direct debits, and cheques during the review-period (2016-20e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into Colombia’s cards and payments industry, including –
– Current and forecast values for each market in Colombia’s cards and payments industry, including debit and credit cards.
– Detailed insights into payment instruments including cash, cards, direct debits, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
– E-commerce market analysis .
– Analysis of various market drivers and regulations governing Colombia’s cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
– To further promote electronic payments, instant payments were introduced in Colombia. In the last quarter of 2019, open banking solutions provider Minka partnered with ACH Colombia to launch Transfiya. Transfiya is a blockchain-based instant payment solution that enables Colombians to transfer money in seconds using the recipient’s mobile phone number, via the sender’s mobile banking app or internet banking platform. The solution – which is offered by nine financial institutions – operates 24 hours a day, seven days a week, 365 days a year, with a daily transfer limit of COP250,000 ($76.19). As of early August 2020 the service had recorded 458,000 transactions worth COP47bn ($14.32m) since launch.
– There is a growing preference for digital banking in Latin American markets, including Colombia. In January 2020, Superintendencia Financiera de Colombia approved the launch of digital bank Lulo. The bank is owned by Gilex Holdings Group, and was expected to launch in June 2020. However, due to the ongoing COVID-19 pandemic the launch has been postponed. Previously, in March 2016 Bancolombia introduced its digital-only bank Nequi. Using the bank’s app, consumers are offered a debit card and can conduct basic financial tasks including fund transfers, cash withdrawals at ATMs, and QR code-based in-store payments. As of May 2019 the bank had over 1 million users.
– The rising adoption of contactless payments during the review period drove overall card payments. To capitalize on this, banks such as Bancolombia, Banco de BogotÃ¡, and BBVA all offer contactless cards. According to a survey conducted by Visa in April 2020, contactless payment volume increased by over 20% in April compared to the previous month. To further boost contactless payments, banks are offering contactless stickers. In February 2019, Bancolombia launched a payment sticker allowing users to make contactless payments of up to COP100,000 ($30.48) without needing to enter a PIN.
Reasons to Buy
– Make strategic business decisions, using top-level historic and forecast market data, related to Colombia’s cards and payments industry and each market within it.
– Understand the key market trends and growth opportunities in Colombia’s cards and payments industry.
– Assess the competitive dynamics in Colombia’s cards and payments industry.
– Gain insights into marketing strategies used for various card types in Colombia.
– Gain insights into key regulations governing Colombia’s cards and payments industry.
Banco de la RepÃºblica
Banco Caja Social
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