Payment in Chile M&A Movements Analysis¶
M&A Movements¶
The Chilean payment industry value chain has seen significant strategic shifts in recent years, primarily driven by regulatory changes aimed at increasing competition. While large-scale bank mergers (such as Scotiabank acquiring BBVA Chile) influence the overall financial landscape and the issuing side of the value chain, the most direct impacts on the operational flow of payments within the value chain stem from movements in the merchant acquiring and payment services segments. Two key developments highlighted in the provided text are the entry of new players into the merchant acquiring market and a strategic acquisition in the alternative payment methods (APMs) space.
The most transformative movement has been the effective dismantling of Transbank's long-held monopoly in merchant acquiring. This was achieved through regulatory changes that facilitated the entry of new acquirers. Banco Santander launched its own acquiring network, Getnet, and Bci (Banco de Crédito e Inversiones) partnered with EVO Payments to enter the market. These moves are not strictly M&A between existing payment infrastructure providers in all cases (Getnet was a new build, Bci-EVO is a partnership), but they represent significant strategic realignments and investments by major financial institutions directly targeting the merchant acceptance part of the value chain, which was previously dominated by a single player. The entry of non-bank acquirers like Kushki further fragments this segment.
Another notable movement is the acquisition of Servipag by Nuvei. Servipag is a significant player in bill payment processing and facilitating offline payments. Nuvei is a global payment technology company. This acquisition represents a combination of a global payment processor/gateway with a strong local Chilean APM and bill payment network.
These movements have profound implications across various steps of the payment value chain, fundamentally altering competitive dynamics, commercial relationships, and the availability and nature of services offered to merchants and consumers.
Here is a table summarizing the impact of these major movements on the value chain:
| Value Chain Step | Impact of New Acquirers (Getnet, EVO/Bci Entry) | Impact of Nuvei Acquiring Servipag |
|---|---|---|
| Payment Initiation | Increases options for merchants at POS and e-commerce checkout to accept card payments, potentially leading to better merchant adoption due to lower costs or improved services. | Could potentially integrate Servipag's bill payment and cash payment options more seamlessly into Nuvei's broader online payment gateway offerings for merchants, impacting e-commerce initiation. |
| Authentication & Authorization | New acquirers integrate with existing fraud prevention tools and authentication protocols (e.g., 3-D Secure), potentially introducing new or enhanced fraud monitoring capabilities within their platforms. | May integrate Servipag's transaction data into Nuvei's global fraud monitoring systems, potentially enhancing fraud detection for APM transactions. |
| Processing | Introduces new processing platforms and routing capabilities brought by Getnet (Santander) and EVO Payments, increasing diversity and competition in transaction switching and data handling. | Could integrate Servipag's local bill payment and cash transaction processing into Nuvei's global processing infrastructure, potentially optimizing routing or adding new features. |
| Clearing & Settlement | New acquirers participate in the existing clearing and settlement systems (ComBanc, LBTR) through their banking partners, increasing the volume processed by these systems from multiple sources. | Servipag's existing settlement processes for bill payments and cash collection would likely be integrated into Nuvei's financial operations, though still utilizing local banking/clearing infrastructure for final settlement. |
| Acceptance & Wallets | Significant Impact: Directly increases competition in the merchant acquiring segment. Leads to lower MDRs, varied pricing models (Interchange++), and potentially improved terms (faster settlement, better technology) for merchants. Increases choice beyond the historical single acquirer. | Significant Impact: Strengthens Nuvei's position in the APM and bill payment acceptance segments. Potentially expands the availability of Servipag's payment methods to Nuvei's existing and future merchant base in Chile. |
| Infrastructure & Networks | New acquirers connect to the card networks (Visa, Mastercard, Redcompra), increasing network traffic and potentially driving demand for network services. | Leverages Servipag's existing physical network (for cash payments) and digital infrastructure, potentially integrating it with Nuvei's global network architecture. |
| Regulation & Oversight | New acquirers require licensing and supervision by the CMF, increasing the scope and complexity of regulatory oversight in the acquiring space. Regulatory focus may shift to ensuring fair competition and interoperability between acquirers. | Nuvei, as an international player acquiring a local entity, falls under Chilean financial regulation and CMF supervision. This adds complexity to compliance and reporting. |
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
- CMF Chile. Regulations on Financial Services Providers in the Fintech Act. https://www.cmfchile.cl/portal/principal/605/w3-article-85488.html
- Bank for International Settlements. ComBanc Detailed Assessment Report. https://www.bis.org/cpmi/publ/d_ccbmss82.pdf
- GlobalData. Chile Cards and Payments – Opportunities and Risks to 2028. https://www.globaldata.com/store/report/chile-cards-and-payments-market-analysis/
- J.P. Morgan. J.P. Morgan Payments Solutions in Chile. https://www.jpmorgan.com/content/dam/jpm/payments/regional/latam/chile/jp-morgan-payments-chile.pdf
- Khipu. Khipu – Open Finance APIs. https://khipu.com/en/
- PCMI. Chile 2024: Digital Payments and E-commerce Insights. https://paymentscardsandmobile.com/our-reports/
- Rebill. Best Payment Gateways in Chile (2025). https://rebill.com/en/payment-gateways-chile/
- Servipag. Servipag Corporate Information. https://www.servipag.com/
- EMIS. Transbank S.A. Company Profile. https://www.emis.com/php/company-profile/Chile/Transbank_S.A._5793177.html
- 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
- CPI. EVO Payments and Bci partner on card acceptance joint venture in Chile. https://www.competitionpolicyinternational.com/evo-payments-and-bci-partner-on-card-acceptance-joint-venture-in-chile/
- Nuvei. Servipag - Nuvei. https://nuvei.com/solutions/local-payment-methods/servipag/
- Kushki. Non-bank acquirer | Payment solutions for large companies in LATAM. https://www.kushki.com/en/non-bank-acquiring/