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Behavior of Credit Cards in Colombia

Correa DL, Chavarro LNF and Diaz JT

Since the implementation in 1971 of credit cards in Colombia, the economy has had to adapt to the changes brought about by the emergence of new information technologies; This is how the means of payment have also evolved to offer advantages to users in the face of the flow of information that this globalization shows. The purpose of this document is to give a brief historical overview and relevant moments of the Credit Cards in Colombia and some countries in the region, to analyze some important aspects such as interest rates, technological and security methods such as the EMV (it is the acronym for “Europe and MasterCard Visa”, the three card associations that initially collaborated in the development of this standard: The EMV standard defines the interaction between chip cards and the point of sale) when making payments. It is also intended to present a perspective of the future of credit cards, for this a statistical analysis will be made based on the information provided by the Financial Superintendence of Colombia, in which the financial behavior of Colombians will be observed; so that credit cards are used, how many credit cards are in Colombia, payments are made through virtual electronic or dataphone, the amount of progress made by Colombians and how is their payment behavior. This is compared with data from other countries in the region and you have an overview of credit card trends.