How local payments in Colombia unlock the potential of SaaS companies

Over the last decade, Colombia has rapidly digitalized its financial landscape, with more than 80% of adults already buying online (PCMI) . From the massive adoption of mobile banking to the upcoming Bre-B instant payment system, the country is becoming a benchmark for digital transactions in Latin America.

Yet, for many SaaS companies entering the Colombian market, a major challenge persists: converting sign-ups into paying customers without friction. While end users are ready to pay through local methods, international SaaS businesses often rely only on cards or cross-border wire transfers, channels that are slower, less trusted and often more expensive for the local user.

The question is: in a market where digital adoption is surging but cash remains king, are you enabling the payment experiences your Colombian customers expect?

Understanding the challenges to operate in the region

For global SaaS companies, operating in Colombia means navigating a market with strong growth potential but structural barriers that directly impact payment flows. The local ecosystem still presents high reliance on cash, fragmented infrastructure, and regulatory complexity, which make it harder to convert demand into revenue without local integration.

Key pain points include:

• Low payment acceptance: Without local options like PSE or digital wallets such as Nequi and Daviplata, cart abandonment rates surge;
• High FX costs and slow settlements: Traditional cross-border rails lead to higher foreign exchange fees and delayed access to funds;
• Regulatory barriers: Currency operations must be registered with the Banco de la República and meet strict KYC and KYB rules, which add extra steps, documentation and approval times before transactions can be completed;
• Limited interoperability between payment methods: Users cannot seamlessly move funds between wallets and PSE, forcing merchants to manage multiple integrations and increasing checkout friction;

The opportunity in Colombia’s payment transformation

While challenges remain, Colombia’s payment ecosystem is evolving fast, with over 80% of adults already making online purchases (PCMI), creating a favorable environment for companies ready to adapt. Recent developments are opening new opportunities and shaping the market, including:

• Bre-B launch: New interoperable instant payment system by the Banco de la República, inspired by Pix in Brazil, marking a major step toward real-time, low-cost transactions;
• Widespread digital adoption: Smartphone adoption in Colombia is projected to reach 97% by 2030 (GSMA), creating a fertile ground for mobile-first payments;
• E-commerce growth: a 16.4% YoY increase in online sales in Q1 2025 (CCCE), driven by broader internet penetration, wallet adoption and the growing role of bank transfers;
• Massive PSE traction: the country’s main online transfer system has processed more than 647 million transactions in 2024 (PSE);
• Bank transfers rising: Projected to nearly match credit cards in market share by 2027, according to PCMI;

For global companies, these changes mean the Colombian market is not just open to digital services, it’s demanding seamless, local, and real-time payment experiences.

Don’t let payment friction limit your growth in Colombia

Innovation is here, but it only delivers its full value when global platforms connect directly to local payment rails, comply with regulations, and settle in local currency.

For SaaS companies, every conversion matters, and in Colombia, the difference between a sign-up and a paying subscriber often comes down to payment accessibility. When local methods are not offered, platforms risk high cart abandonment, slower revenue cycles, and lower retention, even when demand for the product is strong.

FacilitaPay empowers global SaaS companies to grow in the country without setting up a local entity. Our infrastructure connects your platform to the country’s most used payment methods through a single API integration.

Get in touch with our experts and discover how our solutions can help you scale.