What happens behind a card payment: this is how the network that processes thousands of transactions in seconds works
Experts believe the country has a good foundation for this industry to continue growing. Photo: Image generated with artificial intelligence.
TL;DR
- Colombia's financial system processes an average of 39,000 transactions per minute, with 82% via digital channels.
- The payment process involves multiple intermediaries: terminal, merchant's bank, global networks (Visa/Mastercard), and the card issuer.
- The issuer verifies funds, card validity, and fraud alerts before the transaction is approved or rejected.
- Post-authorization, compensation and settlement processes ensure funds are transferred to the merchant.
- Modern infrastructure, using APIs, has lowered barriers to entry, allowing fintechs and non-financial companies to integrate payment solutions.
- Payments are increasingly a strategic component for businesses, enhancing user experience and digital positioning.
- This invisible network is a key driver of the digital economy due to its scalability, connectivity, and adaptability.