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Colombia, a country located in northwestern South America, has a developing financial system. The country has witnessed a growing use of digital payments and mobile banking, driven by the increasing use of smartphones and internet access. The government is promoting financial inclusion and encouraging the adoption of digital financial services. Colombia’s payment landscape shows significant progress in digitalization. While cash is still used in many smaller businesses and informal sectors, credit and debit cards are widely accepted. Online banking and electronic transfers are common, and mobile money is expanding rapidly.

Population

Estimated Population

51.5 million

Currency

Currency

Colombian peso (COP)



Popular payment methods