Colombia is strengthening its embrace of neobanks and moving toward a digital payments culture. This shift was outlined in the XI Report on Trends in Payment Instruments from Minsait Payments, the payment instrument arm of Minsait, produced in collaboration with International Financial Analysts (AFI). The study reflects the perspectives of 225 industry executives and experts and includes 4,800 interviews with the general population, spanning respondents from Latin America, Spain, Italy, Portugal and the United Kingdom.
Experts in the survey confirm a growing tendency to use multiple payment methods in parallel, looking ahead to 2030. They note a technical linkage between card payments and accounts, while cash ranks third in the ranking, with only about one in seven interviewees predicting it as the most widely used method by 2030.
Cash remains the dominant payment method in Colombia
In 2021, cards and other digital channels gained traction across Latin America, reducing cash usage overall. Yet Colombia shows a different pattern: cash continued to be the primary method, accounting for 28% of transactions. By contrast, cards were viewed as the leading instrument by 23% of bank users, and six in ten people reported making a payment in the prior month.
Meanwhile, digital wallets and aggregator-driven payments grew by about 15% compared to the previous year, signaling a rising willingness to adopt electronic alternatives among Colombians.
Among individuals, about 5% reported using payment apps in the last month, positioning Colombia as the third most popular country for this payment approach in Latin America.
Cash persists in microtransactions and small business settings, where alternative methods are increasingly accepted but not yet dominant. In particular, 68% of Colombians indicated reliance on cash on public transport, followed by small and medium-sized enterprises (66%), home services for professionals (44%), bars and restaurants (32%), and medical services. Additional contexts such as tolls, utilities, groceries, entertainment, public administration, hotels and air travel also show cash use in varying degrees (31%, 26%, and other categories).
Emergence of new banks
Traditional banks are beginning to partner with new players, especially in the finance and payments space. Although the bank remains the most common institution for transactions across most surveyed countries, newer types of institutions are expanding their footprint in Latin America. In Colombia and Brazil, 61% and 64% respectively are engaged with banks, and around 26% of the population in both countries already interacts with neobanks as their main banking institution.
The rise of neobanks is partly explained by demographic factors—both Brazil and Colombia have younger populations that are more likely to adopt these digital-first providers and identify them as their primary financial partners.
Payments via smartphones
The use of smartphones to send money, pay in physical stores, and complete online purchases is expanding rapidly across the region. The mobile user continues to evolve, turning smartphones into wallets, payment channels, and gateways for future shopping journeys.
In Colombia, about 55% of bank customers use payment apps on their mobile devices, primarily to transfer money to friends, family, or acquaintances, and these apps remain the preferred method for many. Roughly 16% of the population has engaged with mobile payment apps in the last month.
Smartphones also drive e-commerce activity in Colombia, with 74% of the population reporting smartphone use for shopping. The frequency of online purchases at least quarterly has increased by 23% among Colombians, indicating a robust trend toward digital commerce.
Notes and context for readers
The trends highlighted here reflect evolving consumer behavior, regulatory attention, and the broader digital transformation shaping Latin American financial ecosystems. Observers note that the Colombian market demonstrates a distinctive blend of enduring cash reliance and rapid uptake of mobile and digital payment tools, underscoring the importance of accessible, convenient, and secure payment options for both consumers and merchants. (Source attribution: La República, compilation of industry insights, 2021–2024 observations.)