Customers of Davivienda, one of Colombia’s most well-known banks, will now have access to Google’s Digital Wallet to conduct secure, contactless transactions.
This collaboration will allow 1.7 million customers with a total of 2.8 million bank cards to securely store their cards in Google’s Digital Wallet. The app runs on Google Pay and allows users to add boarding passes from up to 30 associated international airlines.
Google’s Digital Wallet simplifies payments at physical stores that accept contactless payments and provides a secure means for online shopping.
The service employs various security measures, including a unique card number (token) for each device linked with a dynamic security code that changes with each transaction. Users must unlock their screens to access the wallet, and in case of device loss, they can use the “Find My Device” feature to lock and erase the information.
Another benefit is that Google Pay does not charge fees to users or merchants for each transaction. Customers also have the option to adjust their privacy settings and can make changes at any time from the app or a computer.
Giovanni Stella, Country Director for Google in Colombia, Central America, and the Caribbean, stated:
“We are delighted to collaborate with our partners to contribute to the country’s digitization. Free access to these tools is crucial for technology to positively impact the daily lives of all Colombians.”
According to The Global Payments Report by FIS, digital wallets accounted for 48.6% of the value of global ecommerce transactions in 2021, which is expected to rise to 52.5% by 2025.
In Latin America, where global brands like Google Pay and Apple Pay are gaining traction, digital wallets made up 19.2% of ecommerce spending in 2021, with projections to reach about a quarter of the transaction value by 2025.
Google Wallet has emerged as a direct competitor to Samsung Wallet and Apple Wallet, allowing users to store debit cards and other types of cards, such as loyalty cards, all in digital format.
This alliance between Google and Davivienda marks a significant milestone in the digital transformation of financial services in Colombia and aims to attract more users to the digital payments ecosystem.