Police said Kinga Pelc from the east Belfast area died in hospital on Saturday.
A man in his 20s remains in a critical condition in hospital following the incident.
It happened on the Annadale Embankment at about 15:00 BST on Friday.
Two other people were taken to hospital for treatment to their injuries after the crash.
Their injuries are not believed to be life-threatening.
A 21-year-old woman has died following a crash involving two cars in south Belfast.