Box 4: The Recent Digitization of Payments in Colombia - Report of the Board of Directors to the Congress of Colombia - July 2023
En cumplimiento con lo estipulado en el artículo 5 de la Ley 31 de 1992, la Junta Directiva del Banco de la República presenta a consideración del Honorable Congreso de la República, un informe al Congreso de la República en el cual da cuenta del comportamiento de la economía y de sus perspectivas. Este informe se presenta dos veces al año, en los meses de marzo y julio, dentro de los diez días hábiles siguientes a la fecha de inicio de las sesiones del Congreso.
In recent years, Colombia economy has seen a growing trend in the digitalization of payments (perhaps partly as a consequence of the pandemic). This is evident in the increased use of electronic channels. According to the Banca de las Oportunidades (BdO) Financial Inclusion Demand Survey done in collaboration with the Office of the Financial Superintendent of Colombia (FSC) and Banco de la República (Banrep) in 2022,1 the use of e-commerce gateways by the adult population in Colombia rose 71% compared to two years ago, 64% reported an increase in the frequency of using financial institutions’ mobile applications, and 56% reported an increase in the use of digital wallets in the same period.
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