Competitive Landscape of Credit and Debit Card Issuers in Colombia 2024: Market Share, Transaction Trends, and Network Performance
Summary
As of December 2024, the Colombian credit and debit card market reached 14.6 million and 45.5 million cards in circulation, respectively, as reported in Credit and Debit Cards Market in Colombia market research. Transaction volumes showed varying annual growth patterns, with credit card purchases increasing by 23.7% in total value and debit card purchases by 17.6%. However, financing balances on credit cards declined by 1.5%. Market share dynamics revealed significant shifts among issuers and brands, with Bancolombia leading in debit card issuance growth and BBVA Colombia in credit cards. On the acquiring side, Redeban Multicolor maintained its lead in both volume and transaction count, followed by Mastercard, Credibanco, and Visa.
Key Insights
By the end of 2024, Colombia’s credit card market counted 14.6 million cards, while debit cards reached 45.5 million units in circulation. Total purchase volume reached COP$103.6 trillion for credit cards and COP$115.0 trillion for debit cards, combining domestic and international transactions.
The total transaction volume using credit cards (including ATM and POS) grew by 23.7% compared to the previous year, while the number of such transactions increased by 22.2%. Debit card purchase volume grew by 17.6%, but ATM withdrawals using debit cards saw a 9.3% decline in number of transactions.
Financing balances on credit cards amounted to COP$40.8 trillion in December 2024, reflecting a 1.5% year-over-year decrease, signaling a slight reduction in the use of revolving credit.
In the competitive landscape, Bancolombia led the market share gain in debit cards with an increase of 3.22 percentage points, followed by Banagrario (1.24), AV Villas (0.65), Bancoomeva (0.48), and Banco Popular (0.45). In credit cards, BBVA Colombia led the growth with 1.16 points gained, followed by Davivienda (0.95), Bancolombia (0.77), Banagrario (0.26), and AV Villas (0.21).
In terms of acquiring networks, Redeban Multicolor accounted for 39.9% of all transactions and 40.4% of the total volume. Mastercard followed with 30.9% of transactions and 28.7% of volume. Credibanco had 20.0% and 23.5% respectively, while Visa represented 9.1% of transactions and 7.4% of volume.
Market Overview
In 2024, Colombia’s card payment ecosystem maintained a dual-card structure with 14.6 million credit cards and 45.5 million debit cards issued. The volume of purchases with credit cards totaled COP$103.6 trillion from January to December, while purchases made with debit cards totaled COP$115.0 trillion. Despite the continued rise in card usage for purchases, credit card financing balances closed the year at COP$40.8 trillion, showing a modest annual contraction of 1.5%.
The dynamics of card usage diverged across types. The total volume of transactions involving credit cards, including both ATM and POS channels, increased by 23.7% compared to 2023. The number of credit card transactions grew by 22.2% year-over-year. On the debit card side, while purchase volume rose by 17.6%, ATM transaction counts declined by 9.3%, indicating a continued shift from cash withdrawals toward electronic payments.
Issuer competition intensified throughout the year. Bancolombia gained 3.22 percentage points in debit card market share, leading the segment. Banagrario also expanded its presence with 1.24 points gained, followed by AV Villas, Bancoomeva, and Banco Popular. In the credit card segment, BBVA Colombia reported the largest gain in active card market share at 1.16 points, followed by Davivienda, Bancolombia, Banagrario, and AV Villas.
Card network brands experienced notable shifts in market participation. Mastercard increased its share among active credit cards by 4.81 percentage points. In contrast, Visa declined by 2.51 points, private label cards fell by 1.98, and American Express and Diners registered smaller decreases of 0.27 and 0.05 points respectively.
In acquiring services, Redeban Multicolor remained the leading network in both volume and transaction count. It processed 39.9% of total card transactions and handled 40.4% of the transaction value. Mastercard accounted for 30.9% of transactions and 28.7% of the value, maintaining its position ahead of Credibanco (20.0% of transactions, 23.5% of volume). Visa represented a smaller share with 9.1% of transactions and 7.4% of volume, while Visionamos participated marginally with 0.1%.
These figures outline a dynamic payment landscape in Colombia, characterized by changes in consumer behavior, issuer performance, and the competitive structure of both issuing and acquiring markets.