Everything you need to know about Davivienda

Many e-commerce consumers across Latin America don’t have bank accounts or credit cards at their disposal. To address this segment of the market, Central and South America are host to a range of homegrown alternative payment methods that enable consumers to pay for online orders at physical locations using cash.

Though Colombia has one of the highest-banked populations in South America, many Colombians still prefer to pay in cash for online transactions. Enter Davivienda – one of many cash-based alternative payment methods serving the Colombian market. By implementing Davivienda and other cash-based payment methods in Colombia, merchants can expand their offer to new customer segments and build a stronger foundation for business expansion in the promising Colombian e-commerce market. 

As one of Colombia’s leading consumer banks, Davivienda also offers an option for customers to pay via bank transfer – making this an important payment method both for cash payments as well as fully digital transactions.

Keep reading to learn what Davivienda is, how it works, and why merchants selling in Colombia should be sure to offer this payment method in their e-commerce store.

What is Davivienda?

One of the most prominent banks in Colombia, Davivienda has a comprehensive portfolio of products and services that meet the needs of individuals and companies.

The bank counts over 17,300 employees who serve more than 19.3 million customers through 660 branches across Colombia. At the regional level, Davivienda counts more than 2,670 ATMs, offering convenient access to its services.

How does Davivienda work as a payment method?

Davivienda is a Colombian cash payment and online banking service. In Colombia it is a popular online payment method for e-commerce orders. 

When customers check out in an e-commerce store using Davivienda, they can select from two options: paying via online banking or paying in cash at a bank branch. 

An online banking payment can be reviewed and authorized by the consumer. It’s completed instantly, and the merchant receives the payment confirmation immediately.

The cash-based option, meanwhile, enables people without bank accounts or credit cards to purchase products online. All it takes is going to a bank branch and paying for the order in cash. Once the payment has been submitted, the merchant receives the confirmation and can schedule the order delivery.

Why do merchants and consumers use Davivienda?

Colombia is a growing e-commerce market in Latin America. With over 50 million people, it’s the third-largest country in the region by population (after Mexico and Brazil), and the e-commerce landscape has seen significant development in recent years.

Like other Latin American countries, Colombia is home to many cash-based payment methods, including Efecty and the cash option from Banco de Bogotá. Davivienda is another cash payment method that allows customers to check out online and then pay for their orders conveniently at any of Davivienda branch office or associated store using cash. Davivienda also offers an option for customers to check out by authorizing payment from their online banking.

For e-commerce merchants, Davivienda is an important local payment method helping businesses to meet the needs of a broad range of customers: those who like to pay for online orders using conventional online banking transfers, as well as those requiring or seeking cash-based alternatives. By offering a payment method that reaches the broadest possible swath of the population, merchants can build a more financially inclusive brand while also increasing the number of potential customers.

How can merchants start accepting Davivienda?

The easiest way to integrate Davivienda is through a payment gateway that enables access to this payment method. PayU supports Davivienda and hundreds of other local, global, and alternative payment methods – all through one global payment platform.