Published and draft legislation - Colombia

Institutions specializing in electronic payments

Bill 181/2014 - Senate

Over recent years in Latin America, e-money payments have been on the rise, and the Colombian government is encouraging the use of institutions specializing in the creation of e-money and conducting transactions using e-payment systems, in order to promote the development of products and services to facilitate financial inclusion through electronic devices.

Bill 181/2014 is currently going through Colombia's Congress. Unlike other such initiatives elsewhere, such as in Peru and Uruguay, this bill is not focused on regulating “electronic money”, but rather grants a simplified financial license to new companies specializing in electronic payments and deposits , which must comply with some of the rules applicable to traditional financial institutions in order to be able to attract funds from the public and make drafts, transfers and payments using electronic systems.

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