Payment methods in Panama

USD-denominated Visa and Mastercard credit and debit cards are issued by Panama's large commercial banking sector including Banco General, Banistmo, Global Bank, and international banks. Cards are the default for larger purchases and cross-border e-commerce. Panama's dollarised economy eliminates FX friction for US-based merchants.

American Express is widely accepted in Panama, particularly in hotels, restaurants, and the business services sector concentrated in Panama City. Panama's role as a regional business hub and the Colón Free Zone drives above-average AmEx acceptance compared to other Central American countries.

Yappy is Panama's dominant digital wallet, operated by Banco General and expanded to include St. Georges Bank, Credicorp Bank, and Banisi. It processes 25 million transactions per month across 1.4 million users and is accepted by 74% of surveyed SMEs. Yappy enables instant P2P transfers, merchant payments, and QR code transactions. It is used for everyday purchases, bill splitting, and small business payments across Panama City and beyond.

Panama's ACH system facilitates interbank electronic fund transfers for bill payments, payroll, and B2B transactions. The Superintendency of Banks oversees a well-capitalised banking system with solid liquidity ratios, providing a stable foundation for digital payment expansion.

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.