Payment in Chile Mapped Whitespaces Report

Potential Whitespaces

1. Unified National QR/NFC Payment Standard

• Market Signals Identified:
  • Demand Side:
    • Consumers desire a single, intuitive mobile payment method to avoid confusion from multiple QR codes and proprietary wallets (Payment in Chile Consumption Trends Analysis; Unmet Needs & Pains Report).
    • Merchants need seamless, standardized acceptance to reduce checkout friction and improve conversion rates (Unmet Needs & Pains Report).
    • 96% of adults hold at least one financial product, and mobile internet penetration is high (22.8 million users), indicating a population ready for ubiquitous digital payment solutions (Payment in Chile Current Pains Analysis; Payment in Chile Consumption Trends Analysis).
    • Demand for digital-first payment experiences is evident, with cash use at only 3% of retail transactions (Payment in Chile Consumption Trends Analysis).
  • Offer Side:
    • The Fintech Law and the development of the Open Finance System (OFS) by 2027 provide the regulatory framework for PISPs to offer standardized A2A payments (Payment in Chile Current and Future Opportunities Analysis).
    • The Central Bank and CMF are actively involved in regulatory updates and discussions around payment system modernization, including QR interoperability (Value Chain Report on the Payment Industry in Chile; Payment in Chile Consumption Trends Analysis).
    • Digital wallets are the fastest-growing segment, indicating provider interest in mobile payments, though currently fragmented (Payment in Chile Consumption Trends Analysis).
    • Lessons can be learned from successful national payment schemes like Brazil's Pix (Payment in Chile Niche and Emerging Markets Analysis).
• Potential Addressable Market: USD 500 million to USD 2.25 billion annually.

2. Real-Time Settlement & Transparent Pricing for SMEs

• Market Signals Identified:
  • Demand Side:
    • SMEs cite T+2/T+3 credit card settlement delays as a significant cash-flow pain point (Payment in Chile Current Pains Analysis; Payment in Chile Consumption Trends Analysis).
    • Merchants desire clear, predictable pricing and dislike hidden fees in MDR statements (Payment in Chile Current Pains Analysis).
    • Growing e-commerce (USD 34bn in 2023) means more merchants are reliant on digital payment flows and thus impacted by settlement times (Value Chain Report on the Payment Industry in Chile).
  • Offer Side:
    • New acquirers (Getnet, EVO/Bci, Kushki) are introducing more competitive and transparent pricing models like Interchange++ (Payment in Chile Ongoing Changes Signals Analysis; Payment in Chile Current and Future Opportunities Analysis).
    • Some digital wallets (e.g., Mercado Pago) already offer faster, intra-wallet settlement, setting merchant expectations (Payment in Chile Consumption Trends Analysis).
    • PISPs under Open Finance are expected to offer low-cost A2A payments, which could inherently have faster settlement characteristics (Payment in Chile Current and Future Opportunities Analysis).
    • Discussions around leveraging ComBanc's 24/7 capabilities or a new Fast Payment System for retail payments (Payment in Chile Current Pains Analysis; Value Chain Report on the Payment Industry in Chile).
• Potential Addressable Market: USD 200 million to USD 1.2 billion annually.

3. Affordable AI-Powered Fraud Prevention for SMEs

• Market Signals Identified:
  • Demand Side:
    • Rising phishing, account takeover (ATO), and card-not-present (CNP) fraud are major concerns for both consumers and merchants (Payment in Chile Current Pains Analysis).
    • SMEs often lack access to sophisticated fraud prevention tools due to cost and complexity (Payment in Chile Current Pains Analysis).
    • Double-digit growth in fraud attempts reported by issuers (Payment in Chile Consumption Trends Analysis).
  • Offer Side:
    • Adoption of AI/ML for fraud scoring is accelerating among larger banks and gateways (Payment in Chile Ongoing Changes Signals Analysis).
    • 3-D Secure 2.0 rollout completed in 2024, providing a stronger authentication framework (Value Chain Report on the Payment Industry in Chile).
    • Availability of cloud-based AI/ML platforms makes developing scalable solutions more feasible.
    • Fintechs specializing in reg-tech and fraud prevention are emerging (Value Chain Report on the Payment Industry in Chile - "local reg-techs").
• Potential Addressable Market: USD 48 million to USD 360 million annually.

4. Hyper-Personalized Financial Wellness & Management Tools via Open Finance

• Market Signals Identified:
  • Demand Side:
    • Consumers expect unified financial apps combining various services (Payment in Chile Consumption Trends Analysis).
    • Businesses, driven by e-invoicing, seek payment solutions integrated with ERP and accounting (Payment in Chile Consumption Trends Analysis).
    • Desire for insights beyond basic transaction history – predictive planning, automated budgeting (Payment in Chile Niche and Emerging Markets Analysis).
  • Offer Side:
    • The Fintech Law and Open Finance System (OFS) enable AISPs to access and aggregate customer financial data (with consent) (Payment in Chile Current and Future Opportunities Analysis).
    • AI/ML capabilities can process this data to provide personalized insights and advice (Payment in Chile Current and Future Opportunities Analysis).
    • Digital wallets are already evolving towards "super-app" models incorporating more financial services (Payment in Chile Niche and Emerging Markets Analysis).
• Potential Addressable Market: USD 60 million to USD 640 million annually (Future, e.g., 2030, assuming OFS maturity and adoption).

5. Inclusive Digital Onboarding & Financial Literacy Solutions

• Market Signals Identified:
  • Demand Side:
    • While Chile has high financial product holding (96% of adults), specific segments like rural populations, the elderly, and migrants remain underserved or face hurdles (Payment in Chile Current Pains Analysis; IMF eLibrary).
    • Low digital literacy and KYC frictions are key barriers for these groups (Payment in Chile Current Pains Analysis; Payment in Chile Consumption Trends Analysis).
    • Gig economy workers may have non-traditional income patterns and documentation needs (Payment in Chile Current Pains Analysis).
  • Offer Side:
    • Fintechs like MACH and Tenpo are targeting financial inclusion (Payment in Chile Niche and Emerging Markets Analysis).
    • The Fintech Law promotes financial inclusion as one of its objectives (Dock).
    • Emergence of e-ID initiatives and increasing use of biometrics for authentication could simplify KYC (Payment in Chile Current Pains Analysis).
    • Agent networks (like Servipag) play a role in cash-in/cash-out, indicating potential for assisted digital onboarding (Payment in Chile Consumption Trends Analysis).
• Potential Addressable Market: USD 12 million to USD 260 million annually.

6. Comprehensive Cross-Border E-commerce Enablement for SMEs

• Market Signals Identified:
  • Demand Side:
    • SMEs struggle with high FX spreads, complex chargeback processes, and differing compliance regimes when selling internationally (Payment in Chile Current Pains Analysis).
    • Growing e-commerce market (USD 34bn in 2023) includes a desire for SMEs to expand beyond domestic borders (Value Chain Report on the Payment Industry in Chile).
  • Offer Side:
    • Regulatory green light for new cross-border acquiring frameworks in Chile (VIXIO Regulatory Intelligence).
    • International PSPs (Worldline, EBANX, APEXX Global) are active in optimizing cross-border payments (Value Chain Report on the Payment Industry in Chile).
    • Some acquirers are starting to offer bundled services for e-commerce SMEs (Payment in Chile Niche and Emerging Markets Analysis).
    • Development of local currency wallets with auto-FX capabilities is emerging (Payment in Chile Current Pains Analysis).
• Potential Addressable Market: USD 10 million to USD 300 million annually.

7. Niche and B2B Buy Now, Pay Later (BNPL) Applications

• Market Signals Identified:
  • Demand Side:
    • Strong growth in consumer BNPL (USD 651m in 2024, projected to USD 2.52bn by 2030) indicates appetite for flexible credit (Payment in Chile Consumption Trends Analysis).
    • Demand for credit alternatives beyond traditional cards, especially among younger consumers (Payment in Chile Consumption Trends Analysis).
    • Potential unmet need for short-term financing for SMEs (B2B BNPL for procurement).
  • Offer Side:
    • Presence of BNPL providers like Wibond (Value Chain Report on the Payment Industry in Chile).
    • The Fintech Law and Open Finance can facilitate alternative credit scoring, making BNPL viable for more segments (Payment in Chile Niche and Emerging Markets Analysis).
    • Acquirers and wallets are increasingly looking to integrate BNPL options (Payment in Chile Current and Future Opportunities Analysis).
• Potential Addressable Market: USD 18 million to USD 125 million annually (for niche consumer and B2B applications, beyond current mass-market retail).

8. Interoperable Digital Wallet Ecosystems

• Market Signals Identified:
  • Demand Side:
    • Consumers face friction from multiple proprietary wallet apps (Payment in Chile Current Pains Analysis).
    • A desire for a seamless payment experience where any wallet can be used at any accepting merchant.
    • Rapid growth in wallet adoption (Mercado Pago ~5m users) shows user preference for this form factor (Payment in Chile Consumption Trends Analysis).
  • Offer Side:
    • Currently, wallets often operate in closed-loop or semi-closed-loop systems, though some integrate card payments.
    • The development of a national QR/NFC standard (Whitespace 1) would be a key enabler for wallet interoperability.
    • Fintech Law and Open Finance could encourage greater collaboration and standardization.
• Potential Addressable Market (Interoperability Layer Revenue): USD 10 million to USD 50 million annually.

9. Compliance-as-a-Service for Fintechs

• Market Signals Identified:
  • Demand Side:
    • Fintechs, especially early-stage ones, face significant compliance overhead due to new regulations like the Fintech Law (>70 rules) (Value Chain Report on the Payment Industry in Chile).
    • Continuous rule updates create planning uncertainty and require dedicated resources (Payment in Chile Current Pains Analysis).
    • Need for simplified paths to regulatory compliance (Payment in Chile Current Pains Analysis).
  • Offer Side:
    • Emergence of local RegTech companies (Value Chain Report on the Payment Industry in Chile).
    • Potential for larger financial institutions or specialized service providers to offer compliance support as a VAS.
    • Regulatory sandboxes might provide a pathway, but day-to-day compliance remains a burden (Value Chain Report on the Payment Industry in Chile).
• Potential Addressable Market: USD 7 million to USD 50 million annually.

10. PISP-Driven Optimized Checkout Experiences

• Market Signals Identified:
  • Demand Side:
    • Merchants seek lower transaction costs (MDRs can be around 2.35% for Transbank, new entrants <2%) and PISPs could offer A2A payments at 30-50 bps (Value Chain Report on the Payment Industry in Chile).
    • Consumers desire faster, more seamless checkout experiences, particularly for online and mobile purchases (Payment in Chile Consumption Trends Analysis).
    • Webpay bank transfers already have significant adoption (74% of A2A e-commerce), indicating user comfort with A2A (Payment in Chile Consumption Trends Analysis).
  • Offer Side:
    • The Fintech Law (2023) establishes the framework for Payment Initiation Service Providers (PISPs) (Payment in Chile Current and Future Opportunities Analysis).
    • Open Finance System (OFS) aims for full API deployment by 2027, which is critical for PISP functionality (Value Chain Report on the Payment Industry in Chile).
    • Companies like Khipu are already operating in the A2A space and are positioned to leverage PISP licenses (Value Chain Report on the Payment Industry in Chile).
• Potential Addressable Market: USD 60 million to USD 185 million annually.

References

• APEXX Global. Payment Gateway Chile. https://apexx.global/payment-gateways/latam/chile/
• Banco Central de Chile. Payment systems. https://www.bcentral.cl/web/bch/areas-de-accion/mercado-financiero/sistemas-de-pago
• Banco Central de Chile. BOX III.1 – Setting Final Limits to Card’s Interchange Fees. https://www.bcentral.cl/documents/33528/1333266/IEF_II_2023_BOX_III_1.pdf
• CMF Chile. Regulations on Financial Services Providers in the Fintech Act. https://www.cmfchile.cl/portal/principal/605/w3-article-85488.html
• Dock. Ley Fintech in Chile: A promising scenario for the industry and growth towards financial inclusion. https://www.dock.tech/blog/ley-fintech-chile/
• Finnovista. What You Need to Know About Chile's Fast-Maturing Fintech Market. https://blog.finnovista.com/en/what-you-need-to-know-about-chiles-fast-maturing-fintech-market
• GlobeNewswire. Chile Buy Now Pay Later Business Databook 2025. https://www.globenewswire.com/news-release/2024/03/05/2839801/0/en/Chile-Buy-Now-Pay-Later-Business-Databook-2025-A-651-Million-Market-in-2024-Expected-to-Reach-871-Million-in-2025-Signaling-Robust-Growth.html
• IMF eLibrary. Fintech and Financial Inclusion in Chile. https://www.imf.org/en/Publications/CR/Issues/2024/02/05/Fintech-and-Financial-Inclusion-in-Chile-in-544501 (Note: One provided link ended in ...544502, the other ...544501. Assuming one is primary for this context or a slight variation).
• Khipu – Open Finance APIs. https://khipu.com/en/
• PCMI. Chile 2024: Digital Payments and Ecommerce Insights. https://paymentscardsandmobile.com/chile-2024-digital-payments-and-ecommerce-insights/
• VIXIO Regulatory Intelligence. Chile Gives Green Light to Cross-Border Card Acquiring. https://vixio.com/news/payments/chile-gives-green-light-to-cross-border-card-acquiring
• World Bank. Case Study: Chile – Fast Payments Toolkit. https://thedocs.worldbank.org/en/doc/2d52795c371322b0682303079c79344b-0320022021/original/Chile-Fast-Payments-Toolkit-Case-Study.pdf
• Value Chain Report on the Payment Industry in Chile (Provided Knowledge)
• Payment in Chile Current and Future Opportunities Analysis (Provided Knowledge)
• Payment in Chile Ongoing Changes Signals Analysis (Provided Knowledge)
• Payment in Chile Current Pains Analysis (Provided Knowledge)
• Payment in Chile Consumption Trends Analysis (Provided Knowledge)
• Payment in Chile Niche and Emerging Markets Analysis (Provided Knowledge)