Credit Cards Market in Colombia - 2023.09 Rankings

   

    

Credit Card transaction value in Colombia - Networks

   

At the close of Q3 2023, the Colombian market boasts 15.4 million credit cards, a level that has stabilized since the first quarter of the year after undergoing a reduction from the closing levels of 2022, which were close to 16 million cards.

  

In the initial nine months of the year, the domestic market has witnessed 296.5 million credit card transactions, reflecting a robust +16% year-on-year growth. Concurrently, non-domestic transactions have recorded 42.5 million instances, marking a 12% decrease compared to the 48 million transactions registered at the close of Q3 2022.

In terms of volume measured in Pesos, the annual cumulative results amount to COP$ 58.6 trillion in domestic transactions (+11% year-on-year) and COP$ 11.7 trillion in non-domestic transactions (+4% year-on-year variation).

Market Share growth ranking

The ranking of the top five issuers with the most significant growth in market share in the volume of credit card transactions in September 2023 positions Banco Davivienda in the lead with a remarkable advancement of 3.11 points. Following closely are BBVA COLOMBIA (+0.83%), BANCOLOMBIA and BANCO DE BOGOTA, both with an increase of (+0.30%), and BANCO CAJA SOCIAL (+0.04%).

Market Share by issuers, brands and network

BANCOLOMBIA maintains its dominance in market share for credit card transaction volume at 28.3%, followed by BANCO DAVIVIENDA with 20.2% and SCOTIABANK with 11.2%.

Analyzing the market share by brands in the same context, VISA holds 51% market share, trailed by MASTERCARD at 41.9%, and AMERICAN EXPRESS at 4.1%. The remaining 7.1% is distributed among DINERS and other brands.

  

Additionally, in terms of payment network acquisition (also considering the volume of credit card transactions) CREDIBANCO claims a substantial 41.3% market share, trailed by REDEBAN at 33.7%, MASTERCARD at 17.3%, and VISA at 7.7%.