Colombias Cards and Payments Market Emerging Opportunities, Products and Competitive Landscape by Radiant Insights

Colombias Cards and Payments Market Report: Radiant

Insights

Synopsis

In 2013, Colombia surpassed Argentina to become the third-largest economy in Latin America and was

the fourth-highest recipient of foreign direct investment (FDI), with US$17.0 billion in the same year. Of

the total population of 47.2 million, however, the unbanked population accounted for nearly 35% of the

adult population in 2013, according to the Colombian Banking Association. The low banking penetration

levels present banks and card issuers operating with growth potential. Banks have stepped in to take

advantage of this large untapped market, having introduced a number of cards targeting the unbanked

population. While leading card issuers pushed for growth by offering improved products, services and

marketing campaigns, while the government encouraged electronic payments through its financial

inclusion plan. Consequently, Colombian payment cards registered healthy growth during the review

period (2009-2013), and are anticipated to continue the same trend over the forecast period (20142018).

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In terms of the number of cards in circulation, Colombian payment cards (including debit and credit

cards) registered a positive growth during the review period, recording a compound annual growth rate

(CAGR) of 8.05% and increasing from 22.6 million in 2009 to 30.8 million in 2013. Growth in the industry

is expected to be driven by growth in the retail sector, an increasing demand for debit and credit cards,

a better regulatory framework, an increasing market for online and mobile commerce and a positive

economic outlook.

In 2013, the average transaction value (ATV) in Colombia was US$121, which was the second-highest in

the Latin-American region. Peru recorded the highest ATV with US$144.3,...