Credit and debit cards in Colombia change and the business will be virtual

Credit and debit cards in Colombia change and the business will be virtual
Credit and debit cards in Colombia change and the business will be virtual

Content Manager

May 28, 2024 – 4:07 pm

For several years now, the possibility of physical money (traditional banknotes) ceasing to exist has been gaining strength in Colombia. It was also said, in time, that the replacement would be plastic money, represented mainly in credit and debit cards.

The first possibility is becoming more important these days, but it would not be related to plastic money, but rather to the increasingly popular trend of virtual credit and debit cards that, According to several experts, it is becoming famous in Colombia and other Latin American countries.

This is also supported by a recent report by América Retail magazine, which highlights that these virtual cards have established themselves as a safe, practical and sustainable method. In addition, they give a boost to the technological transformation of the financial sector.

According to the XIII Report of Minsait Payments on Trends in Payment Methods, 70% of people in Colombia are banked You are already using digital options to make transactions that go beyond sending or receiving money.

(See also: New problem for those who request loans in Colombia due to changes in debt payments)

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Virtual credit and debit cards in Colombia: how safe are they?

According to the same medium, there are big differences between physical cards and digital cards. For example, experts highlight advantages such as security, for example some of its attributes such as numbers for each transaction, CCV variables and advanced methods.

They also provide users with facilities such as keeping track of expenses, organizing budgets, avoiding unnecessary expenses, making online purchases and avoiding the use of traditional physical cards.

In addition, they have greater privacy options and identity theft and the possibility of fraud are greatly reduced.

Banks in Colombia that use virtual cards the most

This payment and transactional method in Colombia has been growing by steps gigantic to the same extent that neobanks and digital wallets gain ground in the financial sector. Some of the entities that offer this type of platform, which works the same or better than a credit or debit card, are:

  • Lulo Bank
  • Pibank
  • Bancolombia
  • Wildebeest
 
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