What are digital wallets in Colombia and how are they growing in Colombia

According to the report published by Colombia Fintech, the segment as a whole saw a 99% increase in the number of users who used the platform, a 122% growth in the number of transactions and a 195% increase in the volume traded

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The report published by Colombia Fintech revealed that there was an annual increase of 195% in the use of digital wallets in Colombia, thanks to the ease that these applications offer to carry out financial transactions from virtuality.

They have become an important solution for making financial transactions through the web, as a result of the start of the pandemic in 2020, which forced the different sectors of the country to reinvent themselves and choose to bring their businesses to more technological standards.

In addition, Rincón explained that “they have had a great adoption and use in the last 2 years, going from nearly 11 million active digital wallets to almost 27 million thanks to the health emergency, which scaled their usability due to ease of use.”

The digital wallets that are part of the association and said report are: Daviplata, Nequi and Tpaga, TuyaPay, Payvalida, SuRed App, Cobru and the Specialized Deposits and Payments Companies (SEDPES), which include Movii, dale! , Powwi, Ding and Global66.

Among them Nequi, Daviplata and Tapaga with more than one million users, amounting to about 111 billion pesos. The other wallets with less than one million and moved up to 48 billion pesos.

According to the information collected, it was evident that between 2020 and 2021 the segment as a whole had a 99% increase in the number of users who used the platform, a 122% growth in the number of transactions and a 195% increase in the volume traded.

For Colombia Fintech, figures indicate that the use of digital wallets will continue to increase. “It is a product that is here to stay, in addition, the ecosystem is becoming increasingly dynamic and can be easily adapted in different regions of the country as connectivity grows, the use of these types of solutions is also growing,” said Rincón.

The president of Colombia Fintech concluded by explaining that this increase in the use of digital wallets will also bring the use of other cryptocurrency-linked wallets, adding to the announcements that the Financial Superintendency has made regarding crypto asset regulations before the change of government.

Sometimes some users complain about intermittency in services and waiting time to access applications.

In the study by Fintech Movizzon it left as evidence that out of a million people who access digital wallets, on average 13,700 experience some kind of intermittent or bad experience.

Similarly, the report yielded Nequi was the one with the most intermittencies, while Movii was the one with the best result.

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