Checklist: Is Your Colombian Business Ready for Global Payments?

Colombian businesses are experiencing a profound shift in how payments are made and received. The surge in e-commerce—now embraced by over 53% of the population, with a year-on-year growth of 26%—has converged with digital wallet adoption, which surpassed 55 million active users in 2024 (corporate.payu.com; jpmorgan.com). In this environment, the ability to send and receive secure, compliant, and global payments Colombia is no longer just a growth lever—it’s a necessity for staying relevant in international markets.

For organizations seeking a proven global payments platform, Mural Pay stands out as a leader with instant, low-cost, stablecoin-powered solutions. Before moving into international markets, use this checklist to evaluate your readiness and pinpoint where to focus next.

The Essential Checklist for Global Payment Readiness

A solid global payment strategy for Colombian business international transactions is more than just accepting foreign funds. It’s about proactively addressing compliance, offering diverse payment methods, and managing currency flows.

Here’s how to assess your readiness:

• Compliance Culture: Are you current on Colombian and international regulations? Laws like Law 1581 (data privacy) and DIAN’s mandates require strict adherence.

• Payment Method Flexibility: Can you offer a range of methods—cards, digital wallets, PSE bank transfers, even cash—to meet customer preferences? Over 61% of Colombians now use at least one digital wallet (thepaypers.com).

• Currency Conversion & FX: Do you have a transparent, efficient way to handle USD/COP conversions and manage FX risk?

• AML & E-Invoicing: Are your anti-money laundering controls and electronic invoicing processes up to date?

• Batch Payments: Can you efficiently handle batch payouts to 100+ recipients, as supported by platforms, (e.g. Mural Pay’s batch payments)?

• Audit-Ready Reporting: Is your transaction data centralized and accessible for audits and reconciliations?

• Technology Integration: Are your payment tools connected to your accounting and business systems?

• Strategic Partnerships: Strategic collaborations with local fintech companies can expand market access and payment reliability.

A checklist-driven approach helps identify gaps before they become costly obstacles.

Staying ahead on these points positions you not just to compete, but to thrive globally.

Regulatory Compliance—What Every Colombian Business Must Know

It’s a question nearly every company faces: what does true compliance look like for cross-border payments in Colombia?

Colombia’s regulatory framework is complex and non-negotiable. Law 1581 of 2012 enforces data privacy, while DIAN requires accurate tax and transaction reporting, particularly with new SEP rules impacting digital services. Colombia’s Open Finance Framework, launched in 2022, encourages greater transparency and innovation in how consumer data is exchanged and payment services are offered.

Failure to comply can result in fines up to USD $650,000 for data violations (iclg.com). Anti-money laundering controls and e-invoicing are just as critical—regulators have increased scrutiny and enforcement, and businesses have faced substantial penalties in the past two years.

The real takeaway: compliance is not a box-checking exercise but a strategic necessity. For a more detailed strategy, see our cross-border payment compliance guide.

Payment Methods—From Cash to Stablecoins

Visual clarity makes it simple to see how payment methods stack up for Colombian businesses tackling cross-border payment solutions Colombia.

• Adoption Trends

  Method	Market Share/Notes
  PSE	32% of e-commerce; 69.6% of population use digital payments (2023)
  Digital Wallets	55M+ active users (2024); Nequi, Bancolombia a la Mano, DaviPlata now reach 61% of Colombians, with growth driven by smartphone adoption and financial inclusion efforts
  Cash	10% of e-commerce; 70% used cash monthly (2023)
  Cards	$50B in annual transactions (2024)
  Stablecoins	Emerging; adoption growing, especially for USD/COP volatility

• Integration Best Practices
  Embracing digital wallets and bank transfers is now essential. With digital wallet usage more than doubling since 2021, businesses that fail to offer these options risk losing relevance.

Offering PSE integration is especially vital for e-commerce, as it’s the most-used digital payment rail. Stablecoins offer protection against peso volatility and have gained traction among early adopters.

For businesses exploring crypto options, see our stablecoin integration best practices.

Technology & Security—Building a Future-Proof Payments Stack

When it comes to Banco de la República payment systems and fintech innovation, Colombia is preparing for a leap forward. As Carlos Lindo, Director at Banco de Bogotá, notes: “Mobile commerce is seeing double-digit growth... replacing cash and making digital payments more critical for daily use” (pymnts.com).

The upcoming launch of the FPS “Bre-B” interoperable payment system in 2025 is expected to accelerate real-time transactions and financial inclusion (weforum.org). As of April 2024, Colombia counts nearly 400 fintech companies, making it a regional leader.

Paired with advanced security—multi-factor authentication, AI-driven fraud monitoring, and compliance tools—modern platforms like API-first payments are becoming the new standard for global transactions.

Case Studies—Real-World Lessons from Colombian and LatAm Innovators

Mini case studies show how digital payments have driven real results for businesses across Colombia and Latin America.

Littio: This Bogotá-based neobank used stablecoins to protect customer savings against peso volatility, offering financial stability and interest earnings (cryptodamus.io).

Mercado Pago: Rolled out POS terminals and QR codes, boosting financial inclusion and enabling small merchants to accept instant digital payments. Its accessible financial services—including vendor payments, DeFi investments, and small business loans—have contributed to broader economic empowerment for Colombian SMEs.

Banco de Bogotá: Proactively championed eCommerce and contactless payments, seeing double-digit growth in mobile commerce (pymnts.com).

DolarApp: Enabled businesses to receive U.S. payments, pay internationally, and dollarize savings using stablecoins, addressing a gap in dollar access for Latin American firms. This cost-efficient solution is particularly suited for regions with limited dollar banking.

For more on operational efficiency, see our guide to bulk payouts automation.

Risks, Red Flags, and Regulatory Pitfalls

Too many businesses overlook AML, e-invoicing, or foreign exchange controls until a violation hits—by then, the damage is done.

Key takeaway:
Non-compliance can result in significant penalties; for example, fines for AML and data protection violations can reach hundreds of thousands of dollars. Top red flags include inconsistent product offerings, below-market pricing, and high chargeback rates (forbes.com).

Implementing multi-factor authentication and AI-driven fraud detection systems is now considered best practice. Strong compliance programs are critical to sidestep reputational and financial risk.

Stay informed on changing FX regulations to avoid costly missteps.

The Mural Pay Advantage—Why Leading Colombian Businesses Choose a Modern Payments Platform

Choosing the right global payments platform can be the difference between growth and stagnation. As a leading global payments Colombia solution, Mural Pay stands out for instant settlement, compliance, and operational efficiency.

Traditional providers often struggle to integrate with evolving fintech stacks, whereas Mural Pay offers API integration and ongoing support.

Bottom line:
Mural Pay lets companies move funds quickly, securely, and in line with regulations—empowering Colombian businesses to compete globally.

Frequently Asked Questions—Colombian Businesses & Global Payments

Q: How can Colombian companies accept international payments?
A: Options include credit and debit cards, digital wallets (Nequi, DaviPlata), bank transfers (PSE), and cash services such as Efecty. PSE is the dominant gateway for bank transfers, accepting payments from over 80% of local banks.

Q: What are the compliance requirements?
A: Businesses must comply with Law 1581, DIAN reporting, anti-money laundering programs, and electronic invoicing rules.

Q: Are there foreign exchange controls?
A: Yes. Banco de la República and DIAN regulate FX operations, and all conversions must use authorized channels.

Q: Can stablecoins be used for business payments?
A: Regulatory scrutiny is increasing, but stablecoins are being adopted by some innovators—consult financial/legal advisors first.

For a deeper dive, see our international payments guide.

Your Next Steps—Getting Ready for Global Payments Success

If you’ve identified gaps in your checklist—whether in compliance, technology, or payment diversity—now is the time to act. Review your readiness, update your policies, and explore solutions built for modern Colombian business international transactions.

To see how Mural Pay can streamline your global payment operations, request a demo or review our list of supported currencies.

Explore our documentation and glossary to deepen your understanding of emerging payment tools and compliance concepts.

The right preparation today sets your business up for international success tomorrow.

References

• ThePaypers. (2023). The Future of Payments in Latin America. https://thepaypers.com/expert-opinion/the-future-of-payments-in-latin-america--1269975?utm_source=openai

• J.P. Morgan. (2024). LATAM’s Payments Landscape Is Evolving Quickly. https://www.jpmorgan.com/payments/payments-unbound/magazine/articles/latam-payment-landscape-evolving-quickly?utm_source=openai

• PayU Global. (2024). Unlocking Colombia's Digital Hub Potential. https://corporate.payu.com/unlocking-colombias-potential/?utm_source=openai

• ICGL. (2025). Fintech Laws and Regulations: Colombia. https://iclg.com/practice-areas/fintech-laws-and-regulations/colombia?utm_source=openai

• Forbes. (2025). Protecting Payment Providers: 6 Merchant Red Flags to Watch. https://www.forbes.com/councils/forbestechcouncil/2025/01/30/protecting-payment-providers-6-merchant-red-flags-to-watch/?utm_source=openai

• Cryptodamus.io. (2024). Colombia’s Peso Crashing: Fintech & Stablecoins to the Rescue. https://cryptodamus.io/en/articles/news/colombia-s-peso-crashing-fintech-stablecoins-to-the-rescue?utm_source=openai