Latin American fintechs push digital finance to replace cash and enable global access
Nearly 70% of transactions in Mexico are still conducted in cash, while in Colombia, Bancolombia has enabled digital dollar trading for 9 million users. Both initiatives aim to reduce reliance on physical money and broaden financial inclusion.
Cash dependency in Mexico
Despite 80% of Mexican adults having a formal financial product, cash accounts for about 70% of transactions among the banked and 88% among the unbanked. The fintech Toka Internacional has launched a Super App, built on Alipay’s infrastructure, to integrate payments, transfers, and government disbursements. Small merchants can accept QR payments without fees, bypassing traditional bank terminals. Source: heraldomx
Digital dollars in Colombia
Bancolombia now allows clients to buy and sell digital dollars (USDC) via its app, powered by Wenia, a Group Cibest company regulated in Bermuda. Users can convert the stablecoin to Colombian pesos at any time. The service requires minimal entry—starting with one digital dollar—and aims to simplify cross-border transactions. Luz María Velásquez, Bancolombia’s vice president, stated: “Ser un cliente global no significa únicamente tener productos en moneda extranjera.” Source: portafolioco, larepublicaco
Both cases illustrate a regional push toward digital financial ecosystems, though challenges remain in displacing cash and ensuring broad adoption.
Sources
5 quotes“el efectivo todavía representa cerca del 70% de las transacciones entre la población bancarizada, y escala hasta el 88% entre quienes habitan fuera del sistema digital”
“El sistema opera bajo la infraestructura de Alipay, la plataforma transaccional que procesa operaciones de más de un billón de usuarios”
“Cerca de 9 millones de personas en Colombia pueden comprar y vender dólares digitales en Wenia directamente desde la App Mi Bancolombia”
“la posibilidad de comenzar con solo un dólar digital busca facilitar el acceso a este tipo de activos”
“Wenia cumple un rol clave como articulador de esta propuesta, conectando capacidades del Grupo y facilitando el uso de activos digitales desde la App Mi Bancolombia”