Since the COVID-19 pandemic, Colombia has seen a significant increase in the use of electronic payment channels. This blog presents detailed information on the evolution of these payment channels and their characteristics, identifying the main gaps observed in the country.
Payment Systems and Banking Operations
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The installation of the Forum took place on 18 April 2023 at the Events Center of the Luis Ángel Arango Library, with the participation of the main actors of the retail-value payments ecosystem.
Ana María Prieto, Payment Systems Department Director of Banco de la República, pointed out the…
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Retail payment instruments play a crucial role in economic and financial stability and in the functioning of trade. These include cash, debit and credit cards, checks, and wire transfers.
- Noticias |Payment Systems ForumImmediate Payment System Architecture
Speech by Leonardo Villar, Governor of Banco de la República
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The development of this agenda includes the decision to promote an Instant Payments System (IPS), an analysis to expand the offer of cross-border payments, and, subsequently, the review of the advisability of issuing a digital currency.
The design of the Instant Payments System is carried…
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Every two years, Banco de la República’s (the Central Bank of Colombia) Office for Industrial and Treasury Affairs, with the methodological consultancy of the Office for Economic Studies, applies the national survey on the provision of banknotes and coins and payment instruments (Epbmip in…
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The concept of centrality has been widely used to monitor systems with a network structure because it allows identifying their most influential participants.This monitoring task can be difficult if the number of system participants is considerably large or if the wide variety of…
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The monitoring of the local financial infrastructure is an additional contribution of Banco de la República (the Central Bank of Colombia) to the country’s financial stability. One of the outputs of this monitoring is the Payment Systems Report, which from this edition onwards changes its name…
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The first step towards dematerializing securities in Colombia began when Law 27 was adopted in 1990, authorizing the creation of central securities depository management companies.
- Publicación |AbstractThis document analyses recent developments in digital credit and payments platforms in Colombia. It explores digital financial services characteristics, and the potential risks faced by users, providers, and the central bank. We compiled information obtained by simulated products requests…
- Publicación |AbstractMore than 60 countries in the world have already implemented instant payment systems (IPS). However, in many cases they have been operational mainly for person-to-person transactions. This study looks at the challenges IPS may face in developing economies like Colombia as they advance…
- Publicación |Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure.
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The COVID-19 pandemic significantly altered the way merchants do business. Preventive confinement, health restrictions and fear of contagion forced businesses to look for other ways of operating through home-based services, online commerce and the acceptance of different electronic payment…
Working Papers on Economics - Electronic payments and cash usage in the colombian retail sector 2020
Publicación |AbstractTo study the recent dynamics of electronic payments in Colombia, Banco de la República carried out in 2020 a survey of the commerce sector on acceptance and usage of different payment instruments. The survey reveals merchants´ high levels of acceptance of electronic payment instruments…
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Cash is still widely used in Colombia, even among merchants that accept payment cards. Indeed, 60% of these merchants use dissuasive strategies to make their clients pay with cash. This shows that merchant service costs (MSC) for cards are not optimal in the sense of the Tourist Test. We…
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The system’s first phase has been launched with innovations in the procedures to record international investment operations and transactions. It is safe, agile, and easy to access at: https://www.banrep.gov.co/es/operaciones-…
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The Foreign Exchange Affairs and Settlements Department published the External Regulatory Circular DCIP-83 which contains the modifications introduced as a result of the new Foreign Exchange Information System implementation. Said regulation will replace the External Regulatory Circular DCIN-83…
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Guidance material on the new Foreign Exchange Information System is available to explain how the system operates, major changes introduced and resolve any doubts regarding access, accreditation and navigation. There is also a quick tutorial on the new Foreign Exchange Information System’s…
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This document studies the sources of liquidity used by financial entities that participate in the large-value payment system to meet their daily obligations. For this purpose, we design and implement an algorithm that breaks down the cash unit of these entities into different concepts of…
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The Foreign Exchange Affairs and Settlements Department will launch the new Foreign Exchange Information System in September 2021 to gradually replace the Foreign Exchange Statistical System (SEC) used to transmit foreign exchange transactions. The new system will be available in three phases…
