Digital Wallets in Colombia Consolidated 54.63 Million Users and Moved $332 Billion

Colombia Fintech, an association led by Gabriel Santos García, developed a report entitled ‘Fintech Snapshot: Digital Wallets’, in which it revealed that Colombians are increasingly using these types of tools.

The report presented the main trends regarding the adoption and use of wallets, as well as the volume and value of transactions processed through these payment methods.

According to the report, based on data collected from 13 digital wallets, by 2023 there were 54.63 million users of this payment method in the country. There, it is important to note that the high number of users is due to the use of different digital wallets simultaneously by the same user.

Digital wallets consolidated 54.63 million users and moved $332 billion

In addition, in terms of value, around $332 billion were moved through digital wallets during 2023. In line with this, digital transactions are on the rise, registering 3.342 billion in 2023, a movement that reflects the expansion of financial technologies and the decrease in the use of cash.

“With more than 54 million registered users in the country, wallets have enormous potential to boost the adoption of digital payments and foster the growth of e-commerce, while promoting formalization and discouraging cash. But we must also highlight that the increased use of wallets will also depend on the implementation of such important projects as the Immediate Payment System with the goal of interoperability,” said Gabriel Santos, president of Colombia Fintech.

The segment leaders

The report also highlighted the leaders of digital wallets, considering three key variables: number of users, number of transactions and volume of money moved.

Within these results, Nequi stands out as the market leader, followed by Bancolombia a la Mano, Daviplata, Movii, BeMovil and dale!. It is not surprising if we find that of the more than 19 million total users, 2.1 million, or 15%, are natural persons who manage their business money through the app. In terms of the number of users, the ranking reflects the relevance of other market players, such as Daviplata, Bancolombia a la Mano, Movii, Tpaga and dale. Additionally, two rankings were estimated, derived from the number of transactions and the money moved through these wallets.

Finally, the Colombia Fintech study drew attention to the challenges that persist in deepening the impact of digital wallets, such as connectivity gaps, considerations regarding data protection, and the importance of digital literacy.

“The growing use of digital wallets shows that they have come to transform the financial system and drive the consolidation of the digital financial services ecosystem,” the association said.

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(Featured image by Clay Banks via Unsplash)

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First published in LA REPUBLICA. A third-party contributor translated and adapted the article from tthe original. In case of discrepancy, the original will prevail.

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