Online commerce and digital payments increasingly play a more decisive role in the development of companies, since they are the entrance to new markets, customers, and suppliers, as well as to an ecosystem that allows them to be more efficient and smart, for example, in managing their finances, inventory and business decisions making.
“The growth pace of B2B money transfers in Colombia is a sign that digital commerce will continue to grow exponentially in the country in 2023, supported by the hunger for digitization, efficient digital payment solutions, and agile company solutions”
One of the digital payment methods most used by companies is electronic transfers (national and international), to pay suppliers. However, in Colombia, companies, at different stages of growth, continue to have difficulties accessing or using this type of solution in traditional banking channels, mainly due to bureaucratic processes and lack of funds or credit.
According to internal data from Tribal, a company that provides 360° digital financial solutions, digital money transfers between companies in Colombia to purchase equipment, raw materials, and/or corporate services grew 400% from the first to the fourth quarter of 2022.
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“The growth pace of B2B money transfers in Colombia is a sign that digital commerce will continue to grow exponentially in the country in 2023, supported by the hunger for digitization, efficient digital payment solutions, and agile company solutions,” said Ricardo Pedraza, Tribal’s business development leader for Latin America.
The transfer growth peak was recorded in Q3 (+66%) compared to Q2. Finally, a few days before the end of Q4, digital money transfers in this quarter grew at a similar pace as the average of the three prior quarters.
The innovation of start-ups has been key to making B2B money transfers more agile and accessible. Tribal, through its Tribal Pay product, allows companies that have an active line of credit to disperse funds to pay through transfers. In addition, it is possible to track payments in real-time on your digital expense management platform, improving the overall efficiency of company administration.
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