Digital wallets in Colombia: what they are, what they are and how they boost business

In a world where consumers are looking for speed, security and convenience when paying, digital wallets have become a key tool for individuals and businesses. In Colombia, their growth has been accelerated and they are already part of the financial and commercial transformation.

In this article you will discover what digital wallets are, how they work, which are the most popular in the country and what benefits they bring to the businesses that integrate them.

What are digital wallets and how do they work?

Digital wallets, also called mobile wallets, are applications or online platforms that allow you to send and receive money quickly, conveniently and securely. They work as a virtual account associated with a cell phone number or email, from which payments can be made without the need for ATMs, on an Android or iOS mobile device downloaded from the App Store.

Through these payment platforms, businesses and users can pay with QR codes, payment links or transfers, as well as recharge services and send money to other accounts. To protect each transaction, they employ security processes such as personal data validation and biometric authentication.

What are the most popular digital wallets in Colombia?

These are the most popular digital wallets in Colombia:

1. Bancolombia

Bancolombia's digital wallet allows making purchases, transfers and payments from the app without the need for physical cards. It works 24/7 and is easily activated with a "dynamic key", integrating security and usability from the group's banking ecosystem.

2. Daviplata

Daviplata, owned by Davivienda, offers sending and receiving money, bill payments and recharges. It also allows withdrawals at ATMs without a card. Thanks to its long history in the market, it is one of the reliable options for those seeking basic digital solutions.

3. Nequi

Nequi was born in association with Bancolombia and has become a favorite, especially among young people. It allows making transfers, payments, purchases and digital savings without the need to have an account in traditional banking entities. It reports millions of daily transactions.

4. Movii

Movii allows deposits, payments and withdrawals by simply using the phone number as an identifier. It does not require nationality or age of majority, making it accessible to wider audiences, and also offers a physical debit card.

5. Dale!

Dale! is Grupo Aval's fintech that offers free digital services: send and receive money, e-commerce payments, recharges and withdrawals without a card. Users also have exclusive benefits, such as preferential access to events.

6. Tpaga

Tpaga is oriented to the payment of payroll, facilitating the dispersion of salaries, even if the companies are not linked to specific banks. It also allows transfers and the use of electronic payments such as PSE.

7. Ualá

Ualá combines wallet functions with savings accounts: it allows you to make payments, top-ups and manage more than 1,600 public and private services. In addition, it offers financial performance and protection for funds.

8. BBVA Wallet

Although BBVA Wallet ceased operating as a standalone app in 2023, some of its functions persist in the main BBVA app: viewing loyalty points balance, generating dynamic CVV and contactless payments from the bank's ecosystem.

9. Lulo Bank

Lulo Bank is a 100% digital bank that also offers wallet functionalities. Its users can add their digital debit card to pay from their cell phone (Google Wallet), access interest-bearing accounts and manage everything without physical branches.

10. Powwi

Powwi is an entity specialized in digital deposits and payments (SEDPE). It allows managing money, making transfers and even creating savings "pockets". Since 2024, it integrates Transfiya, which enables immediate payments between entities with just a cell phone number.

11. RappiPay

RappiPay, within the Rappi ecosystem, combines a digital wallet with a prepaid Visa card. It allows the use of funds to shop online or in physical stores, pay with QR code, and make financial transactions integrated with the delivery platform.

Benefits of integrating digital wallets in business

Today, integrating digital wallets is no longer a complementary option, but a key strategy for businesses. Let's take a look at its main benefits: 

1. Reach more customers: they allow receiving payments from people who prefer digital methods or do not have bank accounts, expanding the market and eliminating the need for expensive dataphones.
2. Improve cash flow: payments are processed in real time, automatic reconciliation streamlines accounting, and the business gains immediate liquidity and financial control.
3. Reduce operating costs: reduce expenses in cash handling, security and bank commissions, in addition to simplifying the management of collections and payments.
4. Increase security: with advanced encryption and multi-factor authentication, they reduce fraud risks and generate greater customer confidence.
5. Access to data and analytics: they provide information on consumption habits and average ticket, making it easier to segment customers and make data-driven decisions.
6. Financial opportunities: open access to microcredit, payment advances and services such as savings, insurance or loyalty programs that support financial inclusion.
7. Competitiveness and innovation: position businesses as modern and reliable, improve customer experience and differentiate them from traditional competition.

How to choose the right digital wallet for your business in Colombia?

There is a wide range of digital wallets in the country, but not all of them are the same or adapt to the same needs. Therefore, before integrating one into your business, it is important to evaluate certain key criteria:

• Costs: review transaction fees, integration costs and possible hidden charges. A good wallet should help you reduce costs, not increase them.
• Security: verify that it has advanced encryption, multi-factor authentication and compliance with international standards such as PCI DSS. This protects your finances and generates confidence in your customers.
• Ease of integration: the solution must be easy to implement in your physical point of sale, online store or back-office systems. The faster and more flexible the integration, the more benefits you will see in the short term.
• User reach: choose a virtual wallet with a large base of active users. This way you will be able to receive payments from more customers, especially those who prefer digital methods or do not use traditional banks.

Rebill, your strategic partner in digital payments

In a world where digital financial services are growing every day, Rebill becomes the partner that drives your business. We integrate the leading wallets in the market and offer you simple, secure and scalable solutions to optimize your processes without complications.

With Rebill, you connect with millions of users who already use digital payments, gain greater control of your transactions and access valuable data to grow and build customer loyalty. More than just receiving payments, you advance towards innovation, inclusion and competitiveness in a market as dynamic as the Colombian one.

Take the next step: digitize your collections with us and accelerate your company's growth.Contact us today!