The payments industry in Colombia: Status and future developments

Joaquín F. Bernal-Ramirez, Carlos A. Arango-Arango, Andrea M. Duarte-Carreño and Estela Martínez-Herrera
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Joaquín F. Bernal-Ramirez: Banco de la República de Colombia, Colombia
Carlos A. Arango-Arango: Principal Researcher and Adviser, Payment Systems and Operations Division, Colombia
Andrea M. Duarte-Carreño: Adviser, Payment Systems Department, Colombia
Estela Martínez-Herrera: Adviser, Payment Systems Department, Colombia

Journal of Payments Strategy & Systems, 2025, vol. 19, issue 2, 185-196

Abstract: Colombia is transitioning to a less cash-intensive economy, driven by significant changes in the electronic payments industry. Nevertheless, challenges such as coordination failures, market segmentation and lack of interoperability persist. This paper discusses how the Central Bank of Colombia is proactively addressing these issues through the regulation and consolidation of the fast payments ecosystem. The goal is to make electronic payments widely available for day-to-day transactions by achieving high interoperability between payment service providers and capitalising on network and scale efficiencies. Additionally, the central bank is experimenting with new technologies, such as distributed ledger technology, which may enhance financial and payment market infrastructures in the future. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: fast payment systems; Bre-B; CBDC; payments regulation; interoperability; digital wallets; APIs; ISO 20022 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2025:v:19:i:2:p:185-196

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