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Payment in Chile Future Trends Analysis

The Chilean payment industry value chain is poised for continued significant transformation in the near future (2024-2025 and beyond), driven by a confluence of regulatory evolution, technological advancements, and shifting consumer and merchant behaviors. The main trends identified are:

  • Full Implementation and Maturation of the Fintech Law and Open Finance: The regulatory framework established by the Fintech Law is moving towards full implementation, with a significant number of secondary regulations being issued by the CMF. A core component is the development and operationalization of the Open Finance System (OFS), which mandates API access for data sharing and payment initiation, expected to be fully implemented by the first half of 2027.
  • Continued and Intensified Competition in Merchant Acquiring: The dismantling of Transbank's historical monopoly has ushered in a new era of competition with the active participation of new players like Getnet (Santander), EVO Payments/Bci, and other non-bank acquirers like Kushki and Klap. This trend will continue to reshape the acquiring landscape.
  • Accelerated Growth of Digital Wallets and Alternative Payment Methods (APMs): Digital wallets (e.g., Mercado Pago, MACH, Tenpo) are experiencing rapid adoption, becoming a preferred payment method for a significant portion of digital consumers in Chile. Alongside, APMs like Buy Now, Pay Later (BNPL) and Account-to-Account (A2A) transfers are gaining traction.
  • Increased Adoption of Account-to-Account (A2A) Payments: Driven by the Open Finance initiative and the potential for lower transaction costs compared to cards, A2A payments are expected to see increased adoption, particularly in e-commerce.
  • Elevated Focus on Fraud Prevention and Cybersecurity: As digital payment volumes grow, so does the sophistication of fraud attempts, including social engineering and malware attacks. Continuous investment in robust cybersecurity measures and fraud detection technologies, likely leveraging AI and behavioral biometrics, will be critical.
  • Emphasis on Enhancing Financial Inclusion through Digitalization: While Chile has a high banked population, efforts continue to bridge the digital divide and bring underserved segments, particularly older adults and those in rural areas, into the digital payment ecosystem. Initiatives focus on improving digital literacy and accessibility.
  • Evolution of Business Models: The increased competition and emergence of new payment methods are driving an evolution in business models, with a shift towards more transparent pricing (e.g., Interchange++) and the development of new revenue streams beyond traditional transaction fees, such as value-added services.

The identified trends will have a significant and multifaceted impact across the different steps of the payment value chain in Chile:

Value Chain Step Potential Impact of Main Trends
Payment Initiation Increased Options: Consumers will have a wider array of initiation methods (more digital wallets, seamless A2A options, BNPL at checkout). Shift in Preferred Methods: Continued move away from cash towards digital wallets and A2A for convenience and potentially lower costs. Enhanced User Experience: Focus on simpler, faster, and more intuitive payment flows, especially via mobile.
Authentication & Authorization Increased Complexity: Growth in diverse payment methods and channels requires sophisticated, adaptive authentication solutions. Higher Demand for Fraud Solutions: Rising fraud necessitates continuous investment in advanced fraud detection (AI/ML) and behavioral biometric technologies. Data Sharing: Open Finance may enable richer data for more accurate authentication and fraud assessment with user consent.
Processing Increased Volume and Diversity: Processors need to handle growing transaction volumes from various digital channels and payment methods. Competition and Specialization: New acquirers and global PSPs introduce competing processing platforms, potentially leading to specialization and efficiency gains. API-Driven Processing: Open Finance will drive API-based processing for A2A payments.
Clearing & Settlement Increased Transaction Volume: Higher digital payment volumes will increase the load on clearing houses (ComBanc) and the RTGS system (LBTR). Potential for Faster Settlement: Competition and the push for instant payments may drive demand for faster settlement cycles beyond traditional T+1/T+2. Interoperability Challenges: Ensuring seamless clearing and settlement between diverse new and existing players remains crucial.
Acceptance & Wallets Intensified Competition: Fierce rivalry among acquirers will continue to drive down MDRs and lead to innovation in merchant services and pricing models (Interchange++). Growth of Digital Wallets at POS/Online: Merchants will increasingly need to support a variety of digital wallets and APMs to meet consumer demand. Focus on Value-Added Services: Acquirers and wallet providers will offer more than just payment processing (e.g., analytics, loyalty programs) to differentiate.
Infrastructure & Networks Increased Network Traffic: Growing digital payment volumes will put more demand on underlying card networks, interbank networks, and mobile network operators. API Development and Maintenance: Significant effort required to build and maintain APIs for Open Finance. Need for Robust Security Infrastructure: Critical infrastructure needs enhanced cybersecurity defenses against sophisticated attacks.
Regulation & Oversight Increased Regulatory Scope: CMF and Central Bank will oversee a larger and more diverse set of regulated entities under the Fintech Law. Focus on Consumer Protection and Market Stability: Regulation will continue to ensure consumer trust, manage systemic risks in a more fragmented market, and promote fair competition and interoperability. Adaptation to New Technologies: Regulators will need to remain agile to address emerging technologies and business models.

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