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Payment in Chile Inspiring Startups Analysis

Inspiring Startups

The Chilean payment industry is undergoing a significant transformation, with inspiring startups and innovative fintech companies playing a crucial role in driving change and introducing new business models across the value chain. These players are challenging established norms, increasing competition, and expanding the range of digital payment options available to consumers and merchants. Their impact is felt across multiple steps, from how payments are initiated to how they are accepted and processed.

Here is a detailed report on some of the inspiring startups and fintechs influencing the Chilean payment value chain:

  • Khipu: Khipu is a Chilean fintech specializing in facilitating Account-to-Account (A2A) payments for online transactions. It provides a direct link between a customer's bank account and the merchant, offering an alternative to card payments in e-commerce. Khipu's model disrupts the traditional reliance on card networks for online purchases and introduces a potentially lower-cost transaction method for merchants. Their focus is primarily on the Payment Initiation and Processing steps, enabling seamless bank transfers and holding a significant share in this segment of the e-commerce market.
  • MACH: Launched by Banco Bci, MACH operates as a popular digital account and mobile payment application. While backed by an incumbent bank, its operation and rapid adoption among consumers, particularly for P2P transfers and online payments, position it as a disruptive force in the digital wallet space. MACH influences the Payment Initiation and Acceptance & Wallets steps by providing a mobile-first way for consumers to pay and for merchants to accept payments via the wallet.
  • Tenpo: Tenpo is another prominent digital wallet and fintech platform in Chile. It offers digital accounts, P2P transfers, bill payments, and often a prepaid card. Like MACH, Tenpo is inspiring changes in how consumers manage and initiate payments digitally, impacting the Payment Initiation and Acceptance & Wallets segments of the value chain.
  • Wibond: Wibond is an example of a fintech specializing in Buy Now, Pay Later (BNPL) services in Chile. BNPL is a rapidly growing alternative payment method that disrupts traditional credit and payment models by allowing consumers to pay for purchases in installments. Wibond operates within the Payment Initiation and Acceptance & Wallets steps, providing consumers with flexible payment options at the point of sale (online or potentially in-store) and offering merchants a tool to potentially increase sales conversion.
  • Kushki: Kushki is a non-bank acquirer that has entered the Chilean market, directly challenging the historical dominance in the merchant acquiring space. As a non-bank entity providing acquiring services, Kushki is a disruptor in the Acceptance & Wallets step. Their entry, along with other new acquirers, intensifies competition, driving down Merchant Discount Rates (MDRs) and pushing for innovation in merchant services and technology.
  • Mercado Pago: While part of the larger Mercado Libre ecosystem and more established than a typical startup, Mercado Pago functions as a major fintech disruptor in Chile. It offers a widely used digital wallet and payment gateway, facilitating e-commerce payments and increasingly in-store mobile payments. Mercado Pago impacts the Payment Initiation and Acceptance & Wallets steps by providing a popular alternative payment method and an integrated payment processing solution for online businesses.
  • Klap: Klap is another new entrant in the merchant acquiring space, receiving authorization to operate and challenging the incumbent. Similar to Kushki, Klap's entry contributes to the increased competition and transformation of the Acceptance & Wallets step, offering merchants more choices for processing card and other electronic payments.

These inspiring startups and fintechs, alongside other new entrants and the evolving regulatory landscape, are collectively pushing the Chilean payment industry towards greater digitalization, competition, and innovation, creating new opportunities and reshaping the traditional value chain dynamics.

Table of Potential Impact of the Startups

Here is a table outlining the potential impact of these inspiring startups and fintechs on each step of the Chilean payment value chain:

Value Chain Step Potential Impact of Inspiring Startups / Fintechs
Payment Initiation Increased Choice: Introduction of new methods like A2A transfers (Khipu), digital wallets (MACH, Tenpo, Mercado Pago), and BNPL (Wibond), giving consumers more options beyond traditional cards and cash. Mobile-First Experience: Driving adoption of mobile apps for initiating payments.
Authentication & Authorization Adoption of New Methods: Requiring integration with authentication methods specific to wallets or A2A transfers. Enhanced Fraud Focus: As new channels emerge, increased need for sophisticated fraud detection within their platforms.
Processing Diversified Routing: A2A providers (Khipu) and some digital wallets establish alternative processing flows, bypassing traditional card networks. New Processing Platforms: New acquirers (Kushki, Klap) introduce their own processing infrastructure, increasing competition and options for merchants.
Clearing & Settlement Integration with Core Systems: New players must integrate with existing interbank clearing (ComBanc) and settlement (LBTR) systems, increasing overall transaction volume processed through these rails from diverse sources. Potential for Faster Settlement: Some models may push for faster settlement cycles.
Acceptance & Wallets Intensified Competition in Acquiring: New acquirers (Kushki, Klap) directly challenge incumbents, driving down MDRs and innovating merchant services. Increased Digital Acceptance Points: Growth in digital wallets and APMs increases the range of payment methods merchants need to accept. New Merchant Services: Offering integrated solutions, loyalty programs, or analytics alongside payment acceptance.
Infrastructure & Networks Increased Utilization: Growing digital payment volumes increase reliance on mobile networks and internet infrastructure. API Connectivity: Open Finance driven fintechs will require robust API connections to banks and other financial institutions. Leveraging Existing Networks: New acquirers connect to existing card networks (Visa, Mastercard, Redcompra).
Regulation & Oversight Increased Regulatory Scope: Regulatory bodies (CMF) need to supervise a growing number and variety of licensed fintechs and new payment service providers. Focus on New Models: Regulation adapts to address specific models like BNPL and A2A payments. Ensuring Interoperability: Regulatory efforts are needed to ensure seamless interaction between diverse new and existing players.

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
  • Box III.1 – Setting Final Limits to Card’s Interchange Fees. Banco Central de Chile. https://www.bcentral.cl/web/bch/estandares-de-publicacion-de-informes/informes-de-estabilidad-financiera/2023/segundo-semestre/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
  • ComBanc Detailed Assessment Report. Bank for International Settlements. https://www.bis.org/cpmi/publ/d_ccbmss82.pdf
  • GlobeNewswire. Chile Buy Now Pay Later Business Databook 2025. https://www.globenewswire.com/news-release/2024/11/20/2783535/0/en/Chile-Buy-Now-Pay-Later-Business-Databook-2025-A-651-Million-Market-in-2024-Projected-to-Reach-2-5-Billion-by-2030-at-a-CAGR-of-23-7.html
  • GlobalData. Chile Cards and Payments – Opportunities and Risks to 2028. https://www.globaldata.com/store/report/chile-cards-and-payments-market-analysis/
  • IMF Country Report No. 24/42. Chile: Selected Issues. https://www.imf.org/en/Publications/CR/Issues/2024/02/05/Chile-Selected-Issues-IMF-Country-Report-No-24-42-544501
  • J.P. Morgan Payments Solutions in Chile. https://www.jpmorgan.com/content/dam/jpm/payments/regional/latam/chile/jp-morgan-payments-chile.pdf
  • PCMI. Chile 2024: Digital Payments and E-commerce Insights. https://www.paymentscardsandmobile.com/our-reports/
  • Rebill. Best Payment Gateways in Chile (2025). https://rebill.com/en/payment-gateways-chile/
  • Servipag Corporate Information. https://www.servipag.com/
  • Transbank S.A. Company Profile. https://www.emis.com/php/company-profile/Chile/Transbank_S.A._5793177.html
  • 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/
  • Worldline Global. Chile Local Payments. https://worldline.com/en-cl/home/solutions/local-payments/latam/chile.html
  • Thoughtworks Chile. The transformation of merchant acquiring. https://www.thoughtworks.com/es/insights/articles/2023/05/08/transformation-merchant-acquiring-chile
  • Finnovista. What You Need to Know About Chile's Fast-Maturing Fintech Market. https://www.finnovista.com/fintech-ecosystems/fintech-chile-2024/
  • GlobeNewswire. Banco Santander-Chile Announces Fourth Quarter 2024 Earnings. https://www.globenewswire.com/news-release/2025/01/30/2820596/0/en/Banco-Santander-Chile-Announces-Fourth-Quarter-2024-Earnings.html
  • Kushki. Non-bank acquirer | Payment solutions for large companies in LATAM. https://www.kushki.com/en/non-bank-acquiring/
  • PCMI. Leading Payment Methods in Latin America 2025. https://www.paymentscardsandmobile.com/leading-payment-methods-latin-america-2025/
  • iupana. These are Latin America's instant payment systems. https://iupana.com/2024/05/08/estos-son-los-sistemas-de-pagos-instantaneos-de-america-latina/?lang=en
  • Klap Launches Visa and Mastercard Acquiring Services in Chile | The Fintech Times. https://fintechtimes.com/2025/04/18/klap-launches-visa-and-mastercard-acquiring-services-in-chile/