Payment methods in El Salvador
E-commerce market estimated at US$1.1 billion in 2024, growing at ~10% CAGR to 2029.
Market takeaways
- E-commerce market estimated at US$1.1 billion in 2024, growing at ~10% CAGR to 2029.
- Bitcoin legal tender law passed 2021; mandatory acceptance removed December 2024 under IMF agreement.
- Bitcoin usage for payments fell from 25.7% (2021) to just 8.1% (2024).
- Fully dollarized economy; no foreign exchange risk for USD-based merchants.
- Remittances account for over 24% of GDP; crypto remittances represent less than 1%.
Population
6.5M
Online population
3.6M
B2C e-commerce
$1.1B
Banked population
~30%
Credit card population
~15%
Payment method breakdown
- Cash45%
- Card35%
- Bank Transfer12%
- E-Wallet / Mobile Money5%
- Cryptocurrency2%
- Other1%
Card scheme breakdown
- Visa55%
- Mastercard35%
- American Express7%
- Local Schemes3%
- Other0%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in El Salvador
Popular options based on coverage and prominence in this market.
Chivo Wallet
Chivo was El Salvador's government Bitcoin/USD wallet, launched 2021. Under the 2024–2025 IMF agreement the state wound down its involvement and public participation in Chivo ended around end-July 2025. The wallet is being discontinued.
Mastercard
Mastercard is a leading global card network supporting credit, debit and prepaid card payments online, in-store and at ATMs worldwide. In the listed countries it is a core internationally accepted scheme.
Visa
Visa is the world's largest card network, enabling credit, debit and prepaid card payments online, in-store and at ATMs across virtually every market. In the listed countries Visa is a core internationally accepted scheme alongside local methods.
Bitcoin
Bitcoin was legal tender in El Salvador from September 2021 but ceased to be legal tender on 1 May 2025, when mandatory merchant acceptance was removed under an IMF agreement. It remains legal to use voluntarily, but acceptance is now optional and it cannot be used for taxes.
Nequi
Bancolombia-backed Colombian digital wallet for online and in-store payments and transfers. Operator: Nequi (Bancolombia S.A.). Est. users: ~26 million users (mid-2025).
Mobile Banking Apps
Mobile payment users grew from approximately 72,000 to over 208,000 between 2020 and 2024. Corporate mobile payment users increased thirteenfold (4,000 to 52,000). Banks offer mobile apps enabling account management and payments.
All payment methods in El Salvador
Discover 8 payment methods from around the world
Featured banks in El Salvador
Major institutions operating in this market.
Bancolombia
Medellín, Colombia
Bancolombia is Colombia's largest bank by assets and the country's leading financial institution, offering retail, SME, corporate, and investment banking in Colombia and Central America.
Banco de Bogotá (Grupo Aval)
Bogotá, Colombia
Banco de Bogotá is the flagship bank of Grupo Aval, Colombia's largest financial conglomerate, offering retail, SME, and corporate banking.
Davivienda
Bogotá, Colombia
Davivienda is one of Colombia's largest banks, specialising in housing finance, retail, and SME banking. It has operations in Central America.
Banco Agrícola El Salvador
San Salvador, El Salvador
Banco Agrícola is El Salvador's largest private bank, a subsidiary of Bancolombia, offering retail and corporate banking.
Other Banks — El Salvador
San Salvador, El Salvador
Aggregate of remaining banks in El Salvador, collectively ~72.2% of domestic banking assets.
All banks in El Salvador
Showing 5 of 5 banks
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