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A Payment Method that Stands Out in the Digital World

It was once impossible to imagine having a tool that could help the financial industry diversify and digitalize its products, aimed at showing users that a digital solution is within their reach and how going digital can have a positive impact on their life by facilitating their daily habits.

The quick adoption of digital technologies has allowed us to perform transactions online that are usually done in cash or at physical points of sale pushing innovation within the payment ecosystem. These new technologies include digital wallets (sometimes known as “superapps”), which have grown exponentially during the last year, according to the report published by Colombia Fintech . Digital wallets provide multiple features that allow users to perform transactions with a single click directly from their cellphones, transforming traditional payment methods into a digital alternative. According to the report, there was a 195% increase in the use of digital wallets in Colombia last year, due to the ease of use these apps offer when it comes to financial transactions. The report also reported a 122% growth in the number of transactions and a 195% growth in transaction volume during the same period.

Since these digital wallets were offer a new business model, which offers an advantage over other payment methods. Many businesses have already switched and adopted this solution as part of their service offering to increase the profitability of their operation. The solution offers identity verification, data storage, confidentiality, convenience, and efficiency together with a high level of security making it ideal for the financial service industry.

Notable digital wallet features:


Offers payment method issuers their proprietary application which can be customized with their brand image.


Digitalizes the issuer's payment methods and allows for multiple transactions, including financial (with QR code or Token) and non-financial (queries, password change, blocking, unlocking, etc.) operations


Allows for the implementation of P2P, P2C, and B2B transactions.


Facilitates connectivity with multiple issuer platforms.


This solution is highly attractive for both entities and end users that seek complementary services and added value offers beyond just the transaction, thus improving the benefits and reducing costs, such as those incurred in printing, distribution, and delivery certification for cards, and processes related to assigning and activating passwords.

According to the Global Payment report , some data already shows that this payment method will become an essential part of the transactional ecosystem due to its popularity and functionality


With an average sustained growth of 27%, digital wallets in LATAM will almost double between 2021 and 2025, when they are projected to represent 14.7% of all transactions.


Wallets represented almost 27% of the transaction value in 2021 and are projected to approach 36% by 2025 with Mexican consumers being the most active digital wallet users among their regional peers.


In Colombia, digital wallets continue to grow (13.6%) and will represent 52.5% of global transactions by 2025.

To capitalize on wallet-based business models, organizations must find a partner with the expertise and technological muscle to implement new experiences and payment method. As a partner, Evertec focuses on supporting this digital transformation by offering innovative tools such as the digital wallet with a white-label app that is customizable in functionality and appearance. If the organization already has its own wallet, Evertec can offer API integration services to integrate complementary functionalities to the existing solution.

Without a doubt, the use of digital wallets will increase profitability and the capabilities for financial institutions by providing the ability to incorporate payment methods that simplify users’ lives and meet business needs.

By: Alexander Bravo
Product Specialist, Evertec

Picture of Alexander Bravo<br> Product Specialist, Evertec

Alexander Bravo
Product Specialist, Evertec

Industrial Engineer, Marketing Management and Project Management specialist, with over 10 years of experience in payment methods and electronic channels. A significant part of his career has taken place alongside his customers, as he has been in constant contact with them throughout his professional trajectory. Thanks to that, he has succeeded in satisfying the needs of the market and end users.

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