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Payment Solutions in Colombia: An Overview

Colombia has a thriving payment solutions industry, driven by advancements in technology and changing consumer behavior. This article provides an overview of the key regulations, government agencies, and companies involved in the industry.

Regulations

The following laws govern payment solutions in Colombia:

  • Intellectual Property Law: Regulates copyrights, patents, and trademarks to ensure that intellectual property rights are protected.
  • Competition Law: Promotes fair competition and prevents monopolies to maintain a level playing field for businesses.
  • Consumer Protection Law: Safeguards consumer rights and product safety to protect consumers from unfair practices.
  • Data Protection Law: Governs personal data collection, use, and storage to ensure that sensitive information is handled securely.

Government Agencies

The following government agencies play a crucial role in regulating the payment solutions industry:

  • Ministry of Labour: Regulates employment and company laws to ensure compliance with labor standards.
  • Superintendence of Industry and Commerce: Oversees intellectual property rights to prevent infringement and promote innovation.

Payment Solutions

Colombia has a range of payment solutions that cater to various business needs:

  • Financial Regulation Unit (URF): Regulates card payments in Colombia to ensure compliance with financial regulations.
  • APEXX: Provides a payment orchestration layer that enables merchants to accept multiple payment methods through a single platform.

Cheapest Payment Solutions

Merchants can reduce costs by negotiating fees with their payment providers, choosing a suitable payment provider, and using alternative payment methods like e-wallets or bank transfers. Additionally, preventing chargebacks and implementing fraud prevention measures can also help minimize costs.

BNPL in Colombia

Buy Now Pay Later (BNPL) payments have gained significant traction in Colombia, driven by the rise of e-commerce during the coronavirus outbreak. In 2022, BNPL payments grew by 141.2% to $618.2 million. Merchants can use APEXX to integrate different payment systems or providers and offer BNPL options to their customers.

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