In 2021, the share of cash in Colombian in-store payments rebounded despite an severe decline in its use in the previous year. The source consequently states that "cash remains essential" for consumers in the Latin American country. However, increasing use of credit cards and debit cards might indicate they eventually are to take over cash' leading position. Before the COVID-19 pandemic, Colombia ranked 64th out of 144 countries worldwide when it comes to credit card penetration - higher than countries like Bulgaria or Hungary.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027
* The source made changes to its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Colombia from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/ (last visited November 21, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Colombia from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296677/preferred-payment-methods-colombia/
