An analysis carried out between Banca de las Oportunidades, the Financial Superintendence of Colombia and the Bank of the Republic reveals that there is an increase in the use of electronic payment channels in Colombia, including digital wallets.
The figures were obtained from the Financial Inclusion Demand Survey made in 2022.
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The data shows that more than 50% of those surveyed use Paypal, PayU or Mercado Pago, PSE, the web pages of financial institutions, QR codes, data phones and digital wallets to make purchases online.
In the case of the electronic wallet, this financial alternative beats credit cards and competes with traditional savings accounts.
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In this sense, the report underlines that: the use of digital wallets is registered mostly in lower-income households, which suggests the great potential of emerging digital instruments to advance financial inclusion”.
The results show that 66% of Colombians prefer to use wallets because there is a perception that they are not as expensive as cards, which, on the contrary, are perceived as highly expensive.
From another angle, the figures show a change in the trend in how people receive their main income, showing that half of those surveyed prefer electronic transfers, 35% cash, and 12% payment through drafts, checks or other options.
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The analysis also indicates that even there is a large percentage of the population that continues to use cash for their regular paymentsespecially in rural areas and low-income households.
The report concludes that: “The increasing use of electronic payments contributes significantly to achieving important public policy objectives. However, progress must continue to be made to facilitate its use and reduce its access costs, especially for population groups with low incomes, less educated, and who live in areas far from large urban centers.”.
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