QR Codes Turn Colombia's Cash-Centric Consumers Digital

Consumers, businesses, financial institutions and payment providers alike are all paying closer attention to Latin America as its digital payments ecosystem develops further in the wake of the global health crisis. Financial access is also expanding across the market, meaning more consumers can participate in the widening online financial space than ever before. For example, one recent report found 86 percent of consumers in Colombia — approximately 1.6 million individuals — who had never had a bank account signed up for one between April and November 2020.

This has turned Colombia into a breeding ground for financial innovation, with startups, fintechs and payment gateways flocking to the country to set up emerging banking and payments tools.