The Central Bank of Colombia published a working paper in its Borradores de Economía series assessing retail payment behaviour and how mobile wallets have affected payment preferences in Colombia, finding wide variation in adoption and use across regions and individuals and evidence that wallets expand available payment options. The analysis combines a territorial approach using spatial econometric models to examine departmental heterogeneity with a user-level approach using machine learning to capture individual behaviour and non-linear adoption patterns, explicitly contrasting mobile wallets with traditional instruments such as debit cards and cheques. Reported results link regional gaps to interdepartmental economic and financial interactions and differences in digital connectivity and education, while individual adoption is associated with income, age, gender, perceptions of the financial system and the perceived ease of using new technologies; “multi-homing” suggests many users employ several payment methods and that mobile wallets tend to complement existing options. The paper is presented as provisional research and does not represent the views of the central bank or its board.
Central Bank of Colombia 2025-01-01
Central Bank of Colombia publishes research on regional gaps and user drivers of mobile wallet adoption
The Central Bank of Colombia released a working paper analyzing retail payment behavior and the impact of mobile wallets on payment preferences, highlighting regional and individual variations in adoption and use. The study, using spatial econometric models and machine learning, finds that mobile wallets complement traditional payment methods and are influenced by factors such as income, age, gender, and digital connectivity.