The Central Bank of Colombia published a draft economics paper in its Borradores de Economía series examining how mobile wallets are changing retail payment preferences in Colombia and how adoption differs across regions and users. The paper is presented as provisional research and does not represent the views of the central bank or its board. Using a territorial approach based on spatial econometric models and a user-level approach using machine learning to capture non-linear relationships, the authors find substantial heterogeneity in payment adoption and use. Regional differences are linked to economic and financial interactions between departments, as well as variations in digital connectivity and education levels. At the individual level, adoption and usage patterns are associated with income, age, gender, perceptions of the financial system, and perceived ease of use of new technologies, with evidence of “multi-homing” where some users rely on several payment methods, suggesting mobile wallets broaden and complement existing payment options.
Central Bank of Colombia 2025-12-29
Central Bank of Colombia publishes research on regional gaps and determinants of mobile wallet adoption
The Central Bank of Colombia released a draft paper analyzing the impact of mobile wallets on retail payment preferences. The study highlights regional and user-level differences in adoption, influenced by economic interactions, digital connectivity, income, and perceptions of technology. Findings suggest mobile wallets complement existing payment methods, with evidence of users employing multiple payment options.