Explore information on demographics, economic robustness, and key industries influencing the formation of this digital ecosystem in Colombia.
In the heart of South America, Colombia is emerging as a vibrant digital hub, brimming with opportunities and growth. Let’s delve into the key factors that position Colombia at the forefront of the digital revolution.
With a population of 52 million, Colombia provides a substantial consumer base eager to embrace digital innovations. This demographic strength sets the stage for a thriving digital economy.
Despite global challenges, Colombia’s GDP per capita stands at an impressive $6,131 USD, reflecting economic resilience and stability. The country’s expected GDP growth of 0.9% indicates a positive trajectory in the digital era.
Boasting an internet penetration rate of 70.6%, Colombia is well-connected, laying the foundation for widespread digital adoption. This connectivity fuels the growth of online services and e-commerce.
In the digital payment landscape, PSE (Pago Seguro en Línea) reigns supreme, embraced by 69.6% of the population, based on PayU GPO’s data. PSE is a bank transfer payment solution used in Colombia supported by 20 different banks. It allows users to pay directly from their bank account. This secure and efficient payment method is a testament to Colombia’s readiness to embrace digital financial solutions.
Colombia’s online shopping landscape is thriving, with 53% of the population engaging in e-commerce. The year-on-year growth in this sector is an impressive 26%, reflecting a dynamic shift in consumer behavior.
Colombia’s digital success extends to key sectors. In telecommunications, there’s a continuous growth trend, with a remarkable 57% increase in 2022. The fashion sector has not only overcome virtual challenges but has also achieved a phenomenal growth of 94% in the same year. The Entertainment, Tourism, and Travel industry are experiencing a cumulative growth of 76%, showcasing the diverse impact of digitalization.
Large stores and markets have embraced e-commerce, experiencing sustained growth of 22% in 2022. This highlights the widespread acceptance and integration of digital transactions in traditional retail spaces.
Colombia’s journey into the digital realm is a testament to its resilience, adaptability, and forward-thinking approach. As a digital hub, it presents a myriad of opportunities for businesses and investors looking to tap into a dynamic and evolving market.
In the midst of this transformative period, Colombia stands as a beacon of innovation, beckoning those ready to explore and contribute to the digital future. The journey has just begun, and Colombia is poised to shape the digital landscape for years to come. Read more in the LatAm report 2023.
Stay tuned for the next chapter of Payments30!