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Colombia

Mobile Commerce Clusters

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Mobile Commerce Clusters
Measures partnerships among banks, mobile networks, and governments.
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Environment

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Environment
Measures economic, technological, and demographic factors within a market.
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Infrastructure

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Infrastructure
Measures the sophistication and penetration of the mobile phone industry and NFC terminalization.
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32.4

Consumer Readiness

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Consumer Readiness
Measures how familiar with, how willing to use, and how frequently consumers are currently using all three types of mobile payments.
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Financial Services

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Financial Services
Measures the effectiveness and penetration of consumer financial products.
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Regulation

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Regulation
Measures legal and regulatory structures and how they affect businesses.
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Summary

Propelled by strong Consumer Readiness numbers, Colombia earned a score of 32.4 on MasterCard's Mobile Payments Readiness Index. Consumers are using mobile payments in Colombia, especially for mobile commerce and at the point of sale. With improvements to the financial services and regulatory sectors, Colombia could see large-scale adoption of mobile payments in the near future.

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What you need to know:

Colombian consumers are frequent users of m-commerce (26%) and POS (21%) mobile payments
Information and communication technology law is well developed in Colombia
P2P payments are the next frontier for mobile payments in Colombia

Country Overview

Market Forces

The financial services and regulatory systems in Colombia need to be strengthened to make mobile payments easier to adopt. Financial services are less affordable in Colombia when compared to the average of the 34 countries in MasterCard's Index. Anti-monopoly policy is less effective in Colombia as well. In addition, government regulation is more burdensome in Colombia than the average and the legal framework is less efficient in resolving disputes.

Sound IT laws bode well for mobile payments.

These factors combine to make it more difficult for the various players in the payments ecosystem to collaborate in creating an efficient and effective mobile payments network. The good news for Colombia is that the country has well developed laws related to information and communication technology, with a score of 77 percent versus a 65 percent average. This suggests that the government has a good understanding of the value of this sector, which bodes well for future regulatory developments.


Consumer Sentiment

Colombian consumers are using mobile payments mostly for m-commerce and at the point of sale.
In both these mobile payment methods, Colombia performs higher than the Index average. The key to driving continued use of mobile payments in Colombia is to expand familiarity with P2P payments, as it is the

laggard among the three types of mobile payments both in willingness and frequency of usage. Communicating the value of mobile in the P2P sphere could enable consumers to become more familiar with mobile payments as a whole - and drive further usage across types.

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GLOBAL PERSPECTIVE ON CONSUMER SENTIMENT IN COLOMBIA

Relative to the Index average and leading countries, how do consumers feel about mobile payments?

54% - France
Country Score Index Average Leading Country

MasterCard Conclusion

Colombia's consumers have taken on mobile payments for m-commerce and at the POS, but have not yet embraced it for P2P. With regulatory and financial services sector improvements that ease the ability to do business, wider acceptance of mobile payments could be imminent. The bright spot is well-developed laws relating to information technology in Colombia, which are evidence of the sector's growing importance and a positive sign for the future of Colombian mobile payments.

32.4
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