The competitive landscape of the credit and debit card market in Colombia has witnessed significant shifts between December 2023 and September 2023. Analyzing the growth in market share concerning the number of debit cards in circulation, key players such as Bancolombia, Banagrario, Bancoomeva, RappiPay, and Banco Falabella experienced varying degrees of growth, with Bancolombia leading the pack with a growth rate of +0.52 market share points.
Active Credit Cards market share growth ranking by issuer
Active Credit Cards market share growth ranking by brand
Debit and Credit Cards POS transaction value market share growth ranking
Active Debit Cards market share growth ranking
Similarly, in the realm of credit cards, BBVA Colombia, Banco Davivienda, Banco Colpatria/Scotiabank, Bancolombia, and Banco Falabella showcased noteworthy growth rates in their market share. BBVA Colombia emerged as the leader in this category, registering a growth rate of +0.35 points.
Examining the variation in market share by brand, Visa and Mastercard exhibited positive growth rates of +0.80 and +0.59, respectively. However, Diners and American Express saw marginal increases of 0.02% each. Conversely, others brands experienced a significant decline of -1.44 points.
Analyzing market share variation by networks encompassing both credit and debit cards POS transactions value, Mastercard demonstrated the highest growth rate at +0.60. Other networks such as Credibanco, Visa, and Redeban Multicolor witnessed declines of -0.11, -0.20, and -0.31, respectively.
In terms of market size, the year 2023 saw 14,9 million credit cards and 47,1 million debit cards in circulation. Noteworthy interannual growth rates were observed in various transaction metrics. Total transaction volume with credit cards saw a growth of 10.5%, while transaction value experienced a growth of 4.2%. On the debit card front, transaction volume for purchases surged by 14.7%, although ATM transactions dipped by -7.9%. Despite fluctuations, the volume of credit card financing saw a modest increase of 5.3%.
This Q4.2023 research report data underscore the dynamic nature of the credit and debit card market in Colombia, highlighting the strategies employed by key players to enhance their market share and navigate the evolving financial landscape.
Examining the variation in market share by brand, Visa and Mastercard exhibited positive growth rates of +0.80 and +0.59, respectively. However, Diners and American Express saw marginal increases of 0.02% each. Conversely, others brands experienced a significant decline of -1.44 points.
Analyzing market share variation by networks encompassing both credit and debit cards POS transactions value, Mastercard demonstrated the highest growth rate at +0.60. Other networks such as Credibanco, Visa, and Redeban Multicolor witnessed declines of -0.11, -0.20, and -0.31, respectively.
In terms of market size, the year 2023 saw 14,9 million credit cards and 47,1 million debit cards in circulation. Noteworthy interannual growth rates were observed in various transaction metrics. Total transaction volume with credit cards saw a growth of 10.5%, while transaction value experienced a growth of 4.2%. On the debit card front, transaction volume for purchases surged by 14.7%, although ATM transactions dipped by -7.9%. Despite fluctuations, the volume of credit card financing saw a modest increase of 5.3%.
This Q4.2023 research report data underscore the dynamic nature of the credit and debit card market in Colombia, highlighting the strategies employed by key players to enhance their market share and navigate the evolving financial landscape.
