Key Insights
As of September 2024, Colombia has recorded a total of 13.8 million credit cards and 45.5 million debit cards in circulation. The accumulated purchase volume with credit cards, including both domestic and non-domestic transactions, reached COP 74,262.7 billion, while debit card purchases amounted to COP 80,950.3 billion. The balance of credit card financing stood at COP 43,496.1 billion.
The total transaction volume for credit cards, considering both ATM and POS transactions, increased by 8.3% compared to the previous year, while the number of credit card transactions grew by 5.5%. Debit card purchase volumes increased by 14.4% year-over-year, whereas the number of ATM transactions with debit cards declined by 14.0%. The volume of credit card financing experienced a 7.2% growth over the same period.
In the acquiring segment, Redeban Multicolor held the highest market share in debit card transactions, accounting for 48.9% of the total volume, followed by Mastercard with 34.5%, Credibanco with 12.8%, and Visa with 3.7%. For credit cards, Credibanco led with a 39.8% market share, while Redeban Multicolor followed with 31.9%. Mastercard and Visa held 18.6% and 9.7%, respectively.
In terms of issuers, Bancolombia experienced the highest increase in market share for debit cards, gaining 2.49 percentage points, followed by Banagrario with 1.23%, AV Villas with 0.59%, Bancoomeva with 0.49%, and Banco de Bogotá with 0.21%. For credit cards, BBVA Colombia registered the most significant growth with a 1.83 percentage point increase, while Banco Davivienda gained 0.71 percentage points. Bancolombia, Banagrario, and AV Villas recorded smaller gains of 0.35, 0.19, and 0.06 percentage points, respectively.
Visa led the market share growth among credit card brands, increasing by 1.25 percentage points, followed by Mastercard with 0.76 points. Diners saw a slight increase of 0.03 points, while American Express declined by 0.04 points. Private label cards experienced the largest drop, losing 1.99 percentage points.
Market Overview
The Colombian payment card market continues to expand, with both credit and debit card usage showing significant transaction volumes. The total number of credit cards in circulation reached 13.8 million as of September 2024, while debit cards totaled 45.5 million. The accumulated purchase volume for credit cards stood at COP 74,262.7 billion, reflecting sustained usage across domestic and international transactions. Meanwhile, debit card purchases totaled COP 80,950.3 billion.
The credit card financing segment also saw growth, with an outstanding balance of COP 43,496.1 billion. The annual increase in credit card financing volume was recorded at 7.2%, while the total transaction volume for credit cards grew by 8.3%. The number of transactions increased at a slightly lower rate of 5.5%, indicating a rise in average transaction values. Debit card transactions showed stronger growth in purchase volume, increasing by 14.4% year-over-year, although ATM transactions with debit cards saw a decline of 14.0% in volume.
The acquiring market remained competitive, with Redeban Multicolor holding the largest share of debit card transactions at 48.9%, followed by Mastercard with 34.5%, Credibanco with 12.8%, and Visa with 3.7%. Visionamos represented a marginal share at 0.1%. For credit card transactions, Credibanco led the market with a 39.8% share, with Redeban Multicolor following at 31.9%. Mastercard and Visa maintained 18.6% and 9.7% shares, respectively.
Among card issuers, Bancolombia registered the highest growth in debit card market share, increasing by 2.49 percentage points. Banagrario followed with a 1.23-point gain, while AV Villas, Bancoomeva, and Banco de Bogotá also recorded increases. In the credit card segment, BBVA Colombia led with a 1.83-point gain, followed by Banco Davivienda with 0.71 points. Bancolombia, Banagrario, and AV Villas posted smaller increases.
Regarding credit card brands, Visa saw the largest growth in market share, increasing by 1.25 percentage points. Mastercard followed with a 0.76-point gain, while Diners registered a slight increase of 0.03 points. American Express experienced a marginal decline of 0.04 points, and private label cards saw a more pronounced decrease of 1.99 points.
The data reflect a dynamic market where credit and debit card transactions continue to expand, with varying growth trends across issuers, acquiring networks, and brands. While debit card purchases are increasing, ATM usage is declining, indicating a shift in consumer behavior toward electronic and point-of-sale transactions. The credit card segment remains strong, with growth in financing volumes and transaction values. Market participants are adapting to these trends, with leading players consolidating their positions while others seek to expand their presence.