How Digital Platforms Are Changing Export Payments in Colombia
Colombia’s export sector is experiencing a profound transformation as digital export payments Colombia become the new norm for international transactions. In 2024, the value of Colombia’s digital payments market is projected to reach US$34.99 billion, with 58% of Colombians having made or received digital payments—a significant rise from just 37% in 2017 (Statista, 2024; World Bank, 2024).
This transformation is propelled by booming e-commerce, regulatory innovation, and a growing demand for fast, transparent, and secure cross-border transactions. Colombia has become the third-largest e-commerce market in Latin America, and government initiatives such as Banca de las Oportunidades have further fueled digital payment adoption. Modern platforms like Mural Pay are at the forefront, helping exporters move beyond the cash-dominated system (still accounting for 77.8% of all transactions in 2024) and embrace the efficiency and security of export payment platforms Colombia.
The shift is not just technological—it's a fundamental change in how Colombian businesses compete and grow globally.
Why Traditional Export Payments Hold Colombian Businesses Back
For years, Colombian exporters have faced slow, costly, and opaque payment channels for cross-border transactions. Cross-border payments Colombia using traditional international wires typically take between two to five business days to settle, with average bank fees ranging from $20 to $50 per transaction—plus additional intermediary and FX margin costs (World Bank, 2024). These delays and expenses often erode profit margins and create uncertainty for businesses seeking to scale, especially in regions where more than 40% of households—and almost 70% of rural households—lack reliable internet access.
Manual reconciliation and compliance headaches further slow down exporters, especially as Colombia’s e-commerce market grows at a compound annual rate of 9.2% (Trade.gov, 2024).
Concerns about data security and fraud also deter some businesses from adopting digital payment methods.
This environment has led many to seek alternatives that offer greater transparency, speed, and cost efficiency.
For more on payment pain points, see our most common payment challenges for Colombian merchants.
The Rise of Digital Platforms—Features, Players, and Market Impact
Digital payment platforms are redefining how Colombian exporters do business, enabling them to transact globally with greater ease and security. Export payment platforms Colombia and fintech export solutions Colombia like Mural Pay, Nequi, Movii, PayU, and EBANX are leading this charge.
Here’s how these platforms drive adoption and innovation:
Massive User Growth: Nequi’s user base surged from 4.8 million in 2020 to 21 million by 2024, now serving half of Colombia’s adult population (B2B Daily, 2024). Movii processed 18 million transactions in 2020, underscoring the scale of digital platform adoption (Statista, 2024).
Enhanced Financial Inclusion: Nearly 32.5% of Colombians still lack access to financial products, but digital wallets and platforms are bridging this gap by reaching new user segments. Platforms such as Nequi and Daviplata have been instrumental in expanding financial access to unbanked and underbanked populations, directly supporting Colombia's national financial inclusion strategy.
Cash vs. Digital: While 77.8% of transactions are still in cash, digital transactions are growing rapidly, particularly for e-commerce and international trade.
Open Finance as a Catalyst: Colombia’s Open Finance regulatory framework (2024) is spurring competition and innovation, allowing third-party providers to securely access consumer financial data (Vixio, 2024).
Colombia’s open finance initiative positions it among global fintech leaders, and the upcoming 'Bre-B' fast payment system will further modernize cross-border and domestic payments.
For a comprehensive feature breakdown, see our comparison of Wise, Airwallex, and Mural Pay for Colombian exporters.
How Digital Export Payments Actually Work—A Step-by-Step Guide for Colombian Exporters
Exporters can now move from onboarding to payment settlement in record time, thanks to digital platforms that blend automation, compliance, and multi-currency support. Here’s how:
Onboarding and Compliance: Exporters register and complete KYC/KYB requirements—ensuring regulatory compliance and security from the start (Superintendencia Financiera de Colombia, 2024). Regulatory sandboxes enable fintechs to quickly pilot solutions, accelerating innovation for exporters.
Virtual Account Setup: Platforms like Airwallex and Mural Pay offer virtual accounts, allowing exporters to receive payments in USD, EUR, or COP, streamlining reconciliation and enabling faster access to funds.
Batch Payments and Automation: Businesses can process multiple payments simultaneously, saving time and reducing errors. Industry benchmarks show batch payments can reduce processing time and reconciliation efforts by over 70% compared to manual methods (Airwallex, 2024).
Currency Conversion and Settlement: Exporters benefit from market-leading FX rates and low, transparent fees—enabling cost-effective currency conversion and timely settlements.
Real-Time Tracking and Reporting: Digital platforms provide exporters with real-time payment status, audit trails, and easy integration with local tax/accounting systems.
For a full walkthrough, see our guide to receiving USD payments as a business in Colombia.
Compliance, Regulation, and Risk—What Every Exporter Needs to Know
It’s a question nearly every Colombian exporter faces: How do you minimize risk when using digital payment platforms? The real answer is that Colombia’s regulatory landscape is changing quickly. The 2024 Open Finance framework and Circular Externa Nº 002 have introduced strong standards for data protection, consumer transparency, and responsible lending (Vixio, 2024; BRLatina, 2024).
Regulatory sandboxes now allow fintechs to test new products while maintaining consumer protection standards. Data protection in Colombia is regulated by Law 1581 of 2012, while Decree 338 of 2022 sets forth mandatory cybersecurity measures for financial institutions, adding further requirements for payment service providers.
As the Superintendencia Financiera de Colombia recently emphasized:
“Exporters must make sure their digital payment platforms have strong KYC/AML controls to avoid regulatory pitfalls” (Trade.gov, 2024).
What really matters is choosing a platform with transparent fees, strong KYC/AML, and complete regulatory compliance.
For more, see our cross-border payment compliance tips for Colombian SMEs.
Case in Point—How Digital Platforms Are Powering Real Export Growth
Digital platforms are delivering measurable results for Colombian exporters.
Nequi’s Impact: Nequi’s cross-border transaction volume grew by 33% month-over-month since September 2024, with the platform’s user base expanding to 21 million (B2B Daily, 2024).
EBANX/Bancolombia Partnership: Account-based transfers accounted for 30% of all digital commerce payments in Colombia in 2022, highlighting the shift from traditional bank transfers to digital solutions (EBANX, 2023).
SME Empowerment: These platforms are especially impactful for SMEs and previously unbanked businesses, providing accessible, secure, and fast solutions for export payments. Government programs such as Banca de las Oportunidades have enabled digital platforms to better serve small enterprises and women entrepreneurs, advancing both economic opportunities and social inclusion.
The upcoming ‘Bre-B’ payment system—set to launch in 2025—will offer 24/7 real-time digital payments and is expected to further accelerate financial inclusion, especially for women and remote communities.
For more examples, see our how Colombian exporters can speed up cross-border payments.
Key Takeaways—Why Digital Platforms Are the Future of Export Payments in Colombia
Too many exporters focus on familiar but outdated processes, missing the transformative potential of digital payments.
Key takeaway: The Colombian digital payments market is projected to grow at a compound annual rate of over 28% through 2029 (Statista, 2024), driven by regulatory innovation and surging fintech investment.
Making the shift to digital platforms like Mural Pay’s solutions doesn’t just save time and money—it opens new markets, strengthens compliance, and improves financial resilience.
Major fintech investment rounds—such as Addi’s $86 million and Simetrik’s $55 million—reflect growing investor confidence in Colombia’s digital payments ecosystem.
Colombia’s leadership in digital payments is set to deepen as regulations change and platforms expand their reach.
References
Statista. (2024). Digital Payments—Colombia. https://www.statista.com
World Bank. (2024). Digital Economy for Latin America and the Caribbean: Country Diagnostic—Colombia. https://www.worldbank.org
Trade.gov. (2024). Colombia—Ecommerce and Digital Economy. https://www.trade.gov
Vixio. (2024). Colombia Adopts Open Finance Framework. https://www.vixio.com
B2B Daily. (2024). Is Nequi Leading the Digital Payment Revolution in Colombia? https://b2bdaily.com
EBANX. (2023). Press Release: EBANX Integrates Botón Bancolombia. https://business.ebanx.com
