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Payment services
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.


Attitude of the country towards modern payment services

In 2021, e-commerce and alternative payment services maintained a leading role in the economic reactivation. As per the Colombian Chamber of Electronic Commerce, in the last quarter of 2021 electronic transactions recorded sales of COP 9.95 trillion, 54.9% higher compared to the same period of 2020. The younger population, between 25 and 35 years, are, for the time relying more on the electronic payments and the one that goes with greater enthusiasm to online payment. The Colombian Consumer Statute has a special section destined to e-commerce. Yet, the regulation is low, and a stronger regulation on these topics is needed to protect the transactions and creation of these services.

Electronic payment services have created a challenge for lawmakers and regulators in Colombia since although this model offers alternative payment services it also triggers a potential fraud risk. 

Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

Law 1735 of 2014 regulates online payments services in Colombia. This law created a special kind of companies, the Specialied Companies in Deposits and Electronic Payments (known for its initials in Spanish as Sedpes). 

Sedpes companies act as a channel to collect money from the public to facilitate electronic transfers and payments. 

Colombian law states that financial institutions and Sedpes companies may offer electronic deposits with simplified opening procedures.

Sedpes companies may be established by an individual or legal entity provided the requirements established for this purpose in Colombian law are fully complied.

In addition, commercial establishments must comply with the following conditions as set out by ACH Colombia (institution created for online payment) to offer online payment services:

  1. A current or savings bank account must be in place with any Colombian financial institution linked to ACH Colombia, where the commercial establishment will receive the amounts collected.
  2. The commercial establishment must be presented by its trusted financial institution.
  3. A website and carrying out the technical process of implementation is required, testing and certification before ACH Colombia, which includes creation of secure communications channel (VPN), implementation of digital certificate, development of web services required for functionality.

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for payment services and biggest payment service providers

Colombia has been no stranger to this new global trend, which has led to an exponential growth in e-commerce in recent years. In fact, information available for the last five (5) years shows a growth of 24%, which makes it possible to forecast that by 2021 the country will reach sales of over US$ 26,077 million. 

The e-commerce boom in Colombia has triggered the commercialisation of a si



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