Unlock digital commerce opportunities in Colombia
As of 2021, Mexico had 89.5 million internet users, which accounted for 75.7% of the population over six
Cash remains a major payment method in Mexico. In 2021, it was the most commonly used payment method for purchases under MXN500 ($24.79), with 90.1% of Mexicans (75.4 million people) using cash, 6.2% using debit cards, 1.2% using credit cards, and 2.1% using other payment instruments.
Security concerns and a large informal sector are obstacles to Mexico's digital ecosystem
Mexico's internet users predominantly use smartphones to access the internet, with 98% relying on them for connectivity
Only 22% of Mexico's internet users buy goods online, and just 17.6% conduct banking operations online
30% of Mexico's internet users are concerned about online fraud, and 28% are not willing to share banking information online
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Colombians have excitedly adopted digital payment solutions in recent years, and increasing internet and smartphone penetration leads to even more opportunities for businesses in the digital payments market. |
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Card payments remain the primary payment method for eCommerce purchases in Colombia, with over half of Colombians choosing this method for transactions. |
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Cards are not only a popular payment method in Colombia but also remain the primary online payment method in all of Latin America. |
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Bank transfers and digital wallets had lower popularity among Colombians. They account for 18% and 13% of online checkouts, respectively. |
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Colombia is the third-largest FinTech hub in Latin America after Brazil and Mexico. |
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Cross-border commerce in industries like gaming, online retail, streaming, and SaaS is increasing in Latin America, proving to be a powerful growth engine in Colombia. |
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Colombia’s eCommerce market is forecasted to see a two-percentage-point increase in user penetration between 2023 and 2027, reaching a new peak of 54.03 percent. The market has been experiencing steady growth in user penetration over the past years, with four consecutive years of expansion. |
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Smartphones are becoming the primary mode of connectivity for consumers, emphasizing the need for eCommerce platforms to optimize their mobile experience. |
Global Payments
Insights Report
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With more Colombians engaging in digital commerce, businesses have the opportunity to unlock the full potential of Colombia’s payments market. MassPay’s payment gateway is designed with local Colombian customers in mind. It offers an easy-to-integrate solution for businesses looking to enter or expand their presence in Colombia’s eCommerce industry.
With an impressive variety of features and robust payment solutions, MassPay makes it easier for businesses to transact with local customers and increase their sales. MassPay’s fraud prevention system ensures the safety of transactions and helps companies protect their customers’ data. MassPay also offers checkout optimization and multi-currency support, allowing businesses to accept payments in multiple currencies and deliver their customers the best possible user experience.
A higher conversion rate
Enhanced revenue potential
Payout preferences (in local currency)
Colombian customers prefer to be paid out in the local currency, which is why our platform supports different payout methods that allow businesses to send payments in Colombian Pesos. This is especially important for businesses offering services or goods in Colombia that must pay out their affiliates or vendors in local currency.
Payment processing
MassPay offers advanced payment processing to secure merchant accounts, providing insights into customer behavior and data for optimal fraud prevention. Our platform also allows businesses to accept payments from all major debit and credit cards, digital wallets, bank transfers, and other alternative methods in Colombia.
Payouts in Colombia
With MassPay, businesses can make payouts to their Colombian customers securely and on time. Our platform makes international payouts easy with our streamlined process and convenient payout options.
Regulatory compliance
The Colombian government is actively strengthening financial regulations, enhancing consumer protection, and implementing measures to combat money laundering and improve cybersecurity. They also strive to ensure compliance with anti-fraud and data privacy regulations, requiring businesses engaged in payouts to stay informed and implement necessary safeguards.
MassPay is committed to helping businesses comply with the latest regulations in Colombia. Our platform supports KYB, AML/CTF processes, and GDPR compliance to ensure customers’ data safety and privacy. MassPay also helps businesses comply with local tax laws by providing accurate tax filing solutions.
Local and international redundancy
To ensure the highest level of reliability, MassPay offers local and international redundancy for businesses to back up their payments. When businesses have the confidence their payments will always be reliable and secure, they can focus on high-leverage tasks that help them reach their growth goals.
Forex tools
With Colombian payment solutions tailored to meet the needs of businesses in this region, MassPay also offers Forex tools to ensure merchants get the best exchange rates. Access to real-time currency data saves businesses time and money while ensuring they receive accurate currency conversions.
Our comprehensive suite of features helps merchants stay ahead of the curve in their respective industries:
- Instant access to the world’s most extensive mass payout network.
- Facilitation of global payouts with a wide selection of currencies and payout methods.
- Three easy steps for global payouts.
- One-time Know Your Business (KYB) process for accessing payout possibilities.
- The ability to execute payouts in 175+ countries and markets and 70+ currencies, including APMs.
- Choose between the White Label Portal or API integration.
- Intelligent global routing and unmatched expertise for expanding reach.
Tax Processes
Built For The Gig Economy.
Our frictionless contractor tax process includes everything you need to meet IRS 1099 & 1042-S requirements.
SINGLE PANE OF GLASS
FOR YOUR PAYOUT OPERATIONS
All of your payout operations are accessible from an easy to access, easy to use dashboard that is available wherever you are with whatever device(s) you prefer.
Cards
We know cards are the top payment choice in Colombia—over half of all Colombians use cards for eCommerce transactions over any other option. That’s why we provide a comprehensive suite of payment options that support all major debit and credit cards.
Digital wallets
MassPay also supports various digital wallets, including Apple Pay, Google Pay, and other commonly used mobile wallets in the region. The use of digital wallets in Colombia and throughout Latin America is on the rise, so it’s important for your payment and payout platform to support them.
Bank transfers
For customers who prefer traditional banking methods, MassPay offers bank transfer solutions to send payments securely and quickly without added costs.
PSE (Pagos Seguros en Línea)
Among the payment apps Colombians use, PSE stands out from the crowd. PSE is a widely used online payment method in Colombia, allowing customers to make secure payments directly from their bank accounts.
PSE integrates with various Colombian banks, helping users initiate transactions through online platforms or mobile apps. Users often rely on it for eCommerce purchases, utility bill payments, and other online payments.
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Your Business In Colombia?
