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The payments industry in Colombia : Status and future developments

Author

Listed:
  • Bernal-Ramirez, Joaquín F.

    (Banco de la República de Colombia, Colombia)

  • Arango-Arango, Carlos A.

    (Principal Researcher and Adviser, Payment Systems and Operations Division, Colombia)

  • Duarte-Carreño, Andrea M.

    (Adviser, Payment Systems Department, Colombia)

  • Martínez-Herrera, Estela

    (Adviser, Payment Systems Department, Colombia)

Abstract

Colombia is transitioning to a less cash-intensive economy, driven by significant changes in the electronic payments industry. Nevertheless, challenges such as coordination failures, market segmentation and lack of interoperability persist. This paper discusses how the Central Bank of Colombia is proactively addressing these issues through the regulation and consolidation of the fast payments ecosystem. The goal is to make electronic payments widely available for day-to-day transactions by achieving high interoperability between payment service providers and capitalising on network and scale efficiencies. Additionally, the central bank is experimenting with new technologies, such as distributed ledger technology, which may enhance financial and payment market infrastructures in the future. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Suggested Citation

  • Bernal-Ramirez, Joaquín F. & Arango-Arango, Carlos A. & Duarte-Carreño, Andrea M. & Martínez-Herrera, Estela, 2025. "The payments industry in Colombia : Status and future developments," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 19(2), pages 185-196, June.
    • Handle: RePEc:aza:jpss00:y:2025:v:19:i:2:p:185-196
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    More about this item

    Keywords

    fast payment systems; Bre-B; CBDC; payments regulation; interoperability; digital wallets; APIs; ISO 20022;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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