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Preferred payment methods in Columbia

Main card schemes and alternative payment methods in Columbia

Read below about payment methods And how to increase conversion by offering the most convenient online payment methods when selling goods online in Columbia
Domestic and Preferred Card Schemes

• 61% of online payments in Colombia are made with credit and debit cards/bank deposits. Plastic (or mention cards) is one of the main online payment methods in the country and has a lot of space for growth. According to a research from Lafferty Group in 2014 - Merchant Acquiring Latin America, there are only 41 credit cards per 100 adults in Colombia. 
• The main cards brands in Colombia are Visa (50%) and MasterCard (40%), followed by Diners (5%) and American Express (5%).
• Even if the credit card market is still concentrated in the higher income segments of the population, a lot of the main retail stores that have launched private-label cards are being able to access lower income segments. These cards are slowly getting franchised by Visa and MasterCard. The main private cards are Cencosud, CMR Falabella, Coomeva, and Exito with around 10% of the actual Market Share for credit cards.

Alternative Payment Methods

• Botón PSE is one of the main alternative payment methods online. PSE is a direct debit from the customer’s bank account and is deposited in the merchant’s account various times daily. It is a service provided by ACH Colombia since 2010 and is being used by over 4.000 merchants and 17 financial entities. Almost all entities in Colombia are linked to Botón PSE, and this translates to over 18 million current/savings accounts that can be used by the system.