Credit and Debit Cards Market in Colombia - Rankings 2023.03 - Opportunities for both established and fintech players

The credit and debit card market in Colombia has experienced significant growth in recent years, with key competitors gaining market share in debit and credit card transactions.

  

Highest year-on-year market share growth ranking

     

 

According to our latest market research report data, BancoColombia has increased its market share in debit card transactions by 1.41%, reaching 40.1% in March 2023, compared to 38.65% in March 2022. In the credit card segment, BancoColombia has gained 2.76% market share in the past year, reaching 29.50% in 2023, compared to 26.7% in 2022.

  

Banco Caja Social has also achieved significant growth in its market share in debit card transactions value, they have gained 0.83% in the past year, reaching 7.2% in 2023, compared to 6.3% in 2022. 

BBVA Colombia, another major player in the market, has shown consistent growth in both categories. They have increased their market share in debit card transactions by 0.19%, reaching 10.3% in 2023, compared to 10.1% in 2022. In the credit card segment, they have gained 0.43% market share, standing at 5.97% in 2023, compared to 5.5% in 2022.

  

In terms of market size, as of March 2023, there were a total of 15,7 million credit cards and 46,2 million debit cards in circulation in Colombia. Additionally, there has been a year-on-year growth of 12.9% in the total volume of credit card transactions, while the volume of debit card purchase transactions has experienced a growth of 19.3%.

  

These data reflect a constantly expanding credit and debit card market in Colombia. This presents opportunities for both established players and those fintech players looking to enter the market in an increasingly digitized financial environment.

  

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