Payment methods in El Salvador

North America

8methods

5banks

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

All payment methods available in this market, sorted by prominence.

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.

Mobile Banking Apps (Bancoppel / Davivienda / Agrícola)

El Salvador's commercial banks offer mobile banking applications enabling instant transfers, bill payments, and account management. With only ~30% formal banking penetration, remittance-linked accounts via operators such as Western Union and MoneyGram also serve an important role in channelling the US$7+ billion in annual remittances.

Nequi (Bancolombia)

Nequi, Bancolombia's digital financial platform, operates in Panama as a mobile wallet targeting both banked and underbanked consumers. It provides a digital account with no minimum balance requirements, enabling payments, transfers, and savings functionality through a smartphone app. Alongside Yappy, it is one of the key drivers of the high digital wallet payment share.

Featured banks in El Salvador

All banks operating in this market, sorted by prominence.

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.