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Learn moreNov 2020
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The change in credit conditions in the current situation has generated three distinct new trends in the financial cards and payment market: a drop in demand; a loosing of lending criteria; and a greater perception of risk by lenders.
On 6 March, the first official case of Coronavirus in Colombian territory was confirmed. Following the advice of experts and the measures taken in other countries, from 24 March, all non-essential business in the country were closed, schools were closed nationally, and the airport was restricted by domestic and international flights.
The need to reduce physical contact with other people to safeguard one’s health during the COVID-19 pandemic has raised awareness among the Colombian population of a wider range of non-cash payment options. Supporting this during the year were two initiatives that the Colombian banking sector had previously been building gradually: the development of virtual payment methods on one hand; and the implementation of virtual banking channels on the other.
One of the less favourable impacts of the COVID-19 pandemic on the Colombian financial services sector is that it has boosted demand for potentially problematic forms of informal credit. These are collectively known as gota a gota (literally “drop by drop” in English), and comprise mainly informal loans extended by private individuals very quickly, without much in the way of scrutiny of the ability of the borrower to repay the loan and without any guarantees or co-debtors.
Colombia is prominent among several Latin American countries that have developed new monetary transfer policies in response to the economic pressures created by the COVID-19 pandemic in the official response to it. The money orders that the National Government and the Mayor's Office of Bogotá have delivered to vulnerable families during the pandemic in an effort to ease financial distress and ensure that the wheels of the wider economy continue to turn have been very successful.
Sources within Colombia’s financial services sector have consistently expressed their belief that the country’s emergence from the COVID-19 pandemic and the adverse economic impact of the pandemic is likely to be very measured. Specifically, consumers are expected to remain circumspect when it comes to spending for extended period, having learned hard lessons about maintaining a financial safety net amidst the economic chaos of 2020.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Colombia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Colombia, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Colombia market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Colombia, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.