Colombia Payment Landscape
Payment Landscape
Colombia Payment Landscape
Colombia is a major economy in Latin America. Its payment system is regulated by the central bank (Banco de la República) and centered on PSE online bank debits and the central bank's new open payment platform, Bre-B. Local e-wallets are led by Nequi and Daviplata, while cash payments (Baloto, Efecty) still serve a large unbanked population. Understanding this system helps assess PayCools' acquiring and payout direction in the market.
1
Regulation and Payment Architecture
| Entity | Responsibility |
|---|---|
| Banco de la República (central bank) | Payments regulation, promotion of the Bre-B open payment platform, and large-value clearing |
| Superfinanciera (SFC) | Financial regulator supervising banks, electronic payment institutions, and securities |
| ACH Colombia | Private clearing house operating PSE, Transfiya, CUD, and other systems |
| Redeban / Credibanco | Card networks and acquiring switches |
2
Core Payment Networks
The most important online acquiring channel in Colombia is PSE online bank debit, while real-time small-value transfers and the central bank's open payment platform are growing quickly.
- PSE (Pagos Seguros en Línea): The mainstream e-commerce payment method in Colombia. At checkout, the user selects their bank, is redirected to online / mobile banking to authorize the debit, and funds are cleared through ACH. Supports most local banks with fast confirmation.
- Transfiya: Real-time small-value transfers provided by ACH Colombia, identifying recipients by mobile number / ID number, available 24/7 and commonly used for instant transfers.
- Bre-B: An open payment platform promoted by the central bank that connects banks and e-wallets and provides cross-institution instant payments and a unified QR standard, aiming to become infrastructure similar to Brazil's Pix. It is being rolled out in phases from 2025.
- CUD: The interbank electronic clearing system (Cámara de Compensación Interbancaria) for large-value and batch clearing.
Similar to Mexico's SPEI and Brazil's Pix, Colombia is building a market-wide instant payment and QR standard through Bre-B. In the future, e-commerce collection will increasingly be driven by direct account / wallet connections.
3
E-Wallets and Digital Banks
Nequi
A digital wallet and digital bank owned by Bancolombia, with a leading user base. It provides transfers, collection, QR payments, and consumer payments.
Daviplata
A mobile wallet from Davivienda with a large user base, often used together with cash agent networks, and one of the key e-wallets in the market.
Digital Banks
Digital banks such as Lulo Bank and Movii offer accounts and card products; Bancolombia A la mano and others provide mobile account services.
Ecosystem Wallets
RappiPay, PayPal, and other cross-border and local ecosystem wallets are used by specific customer segments and in cross-border e-commerce.
4
Cash and Counter Payments
A significant share of the population still relies on cash, and cash agent networks are an important complement for e-commerce and bill payments:
- Baloto: Counter cash bill payment / payment through a lottery sales network; users pay cash at a location using a reference number.
- Efecty: A large cash deposit and withdrawal network that also supports counter cash payments and wallet / account top-ups.
- PuntoRed: A card POS network covering a large number of physical stores.
5
Cards and BNPL
- Credit / debit cards: Visa / Mastercard / American Express processed through Redeban / Credibanco, with 3D Secure (3DS 2.x) commonly required for online payments.
- BNPL: Local providers such as Addi are growing quickly in e-commerce installments, supporting multiple installment plans.
- Cuotas: Local credit card e-commerce supports monthly installments, a common payment method for durable goods.
6
Compliance Highlights
- Licensing: Electronic payment / wallet services must be registered with the SFC or provided in partnership with a licensed financial institution; core payment infrastructure is regulated by the central bank system.
- KYC / AML: Real-name account tiers, customer due diligence, and anti-money laundering requirements (SAGRILAFT, UIAF reporting); cross-border transactions require sanctions compliance.
- Foreign exchange: Cross-border receipts and payments must comply with Colombia's foreign exchange regime (Régimen Cambiario) and reporting requirements.
- Data protection: Personal data is governed by Law 1581/2012; cross-border data processing requires notice and authorization obligations.
- Open finance: Regulators are advancing open data and open payments (Bre-B), allowing third parties to access account information services with authorization.
7
PayCools Capabilities in Colombia
| Capability | Description |
|---|---|
| Acquiring | Supports PSE online bank debit (46 banks / institutions), Bre-B interoperable QR, and dynamic keys |
| Payout | Availability depends on channel enablement; contact PayCools sales |
| Split payment / refund | Split payments are supported; refund availability depends on channel enablement |
Supported Acquiring Channel Codes
| Payment Type | Channel Code | Description |
|---|---|---|
| QR | CO_QR_BRE_B | Colombia Bre-B dynamic QR |
| BRE_B | CO_LLAVE_BRE_B | Colombia Bre-B dynamic key |
| PSE | CO_PSE_BANCO_DE_BOGOTA | BANCO DE BOGOTA PSE |
| PSE | CO_PSE_BANCO_POPULAR | BANCO POPULAR PSE |
| PSE | CO_PSE_ITAU | ITAU PSE |
| PSE | CO_PSE_BANCOLOMBIA | BANCOLOMBIA PSE |
| PSE | CO_PSE_CITIBANK | CITIBANK PSE |
| PSE | CO_PSE_BANCO_GNB_SUDAMERIS | BANCO GNB SUDAMERIS PSE |
| PSE | CO_PSE_BBVA_COLOMBIA | BBVA COLOMBIA PSE |
| PSE | CO_PSE_DAVIBANK | DAVIBANK PSE |
| PSE | CO_PSE_BANCO_DE_OCCIDENTE | BANCO DE OCCIDENTE PSE |
| PSE | CO_PSE_BANCO_CAJA_SOCIAL_BCSC | BANCO CAJA SOCIAL BCSC PSE |
| PSE | CO_PSE_BANCO_AGRARIO | BANCO AGRARIO PSE |
| PSE | CO_PSE_BANCO_MUNDO_MUJER | BANCO MUNDO MUJER PSE |
| PSE | CO_PSE_BANCO_DAVIVIENDA | BANCO DAVIVIENDA PSE |
| PSE | CO_PSE_BANCO_AV_VILLAS | BANCO AV VILLAS PSE |
| PSE | CO_PSE_BANCO_DE_LAS_MICROFINANZAS_BANCAMIA | BANCO DE LAS MICROFINANZAS BANCAMIA PSE |
| PSE | CO_PSE_BANCO_PICHINCHA | BANCO PICHINCHA PSE |
| PSE | CO_PSE_BANCOOMEVA | BANCOOMEVA PSE |
| PSE | CO_PSE_BANCO_FALABELLA | BANCO FALABELLA PSE |
| PSE | CO_PSE_BANCO_FINANDINA | BANCO FINANDINA PSE |
| PSE | CO_PSE_BANCO_SANTANDER_DE_NEGOCIOS_COLOMBIA | BANCO SANTANDER DE NEGOCIOS COLOMBIA PSE |
| PSE | CO_PSE_BANCO_COOPERATIVO_COOPCENTRAL | BANCO COOPERATIVO COOPCENTRAL PSE |
| PSE | CO_PSE_BANCO_SERFINANZA | BANCO SERFINANZA PSE |
| PSE | CO_PSE_LULO_BANK | LULO BANK PSE |
| PSE | CO_PSE_BANCO_JP_MORGAN_COLOMBIA | BANCO JP MORGAN COLOMBIA PSE |
| PSE | CO_PSE_DALE | DALE PSE |
| PSE | CO_PSE_FINANCIERA_JURISCOOP_COMPANIA_DE_FINANCIAMIENTO | FINANCIERA JURISCOOP COMPANIA DE FINANCIAMIENTO PSE |
| PSE | CO_PSE_COOPERATIVA_FINANCIERA_DE_ANTIOQUIA | COOPERATIVA FINANCIERA DE ANTIOQUIA PSE |
| PSE | CO_PSE_JFK_COOPERATIVA_FINANCIERA | JFK COOPERATIVA FINANCIERA PSE |
| PSE | CO_PSE_COOTRAFA_COOPERATIVA_FINANCIERA | COOTRAFA COOPERATIVA FINANCIERA PSE |
| PSE | CO_PSE_CONFIAR_COOPERATIVA_FINANCIERA | CONFIAR COOPERATIVA FINANCIERA PSE |
| PSE | CO_PSE_BANCO_UNION | BANCO UNION PSE |
| PSE | CO_PSE_COLTEFINANCIERA | COLTEFINANCIERA PSE |
| PSE | CO_PSE_NEQUI | NEQUI PSE |
| PSE | CO_PSE_DAVIPLATA | DAVIPLATA PSE |
| PSE | CO_PSE_BAN100 | BAN100 PSE |
| PSE | CO_PSE_IRIS | IRIS PSE |
| PSE | CO_PSE_MOVII | MOVII PSE |
| PSE | CO_PSE_DING_TECNIPAGOS | DING TECNIPAGOS PSE |
| PSE | CO_PSE_UALA | UALA PSE |
| PSE | CO_PSE_BOLD_CF | BOLD CF PSE |
| PSE | CO_PSE_NU_COLOMBIA | NU COLOMBIA PSE |
| PSE | CO_PSE_RAPPIPAY | RAPPIPAY PSE |
| PSE | CO_PSE_COINK | COINK PSE |
| PSE | CO_PSE_GLOBAL66 | GLOBAL66 PSE |
| PSE | CO_PSE_ALIANZA_FIDUCIARIA | ALIANZA FIDUCIARIA PSE |
| PSE | CO_PSE_CREZCAMOS | CREZCAMOS PSE |