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Payment in Chile Investment and VC Movements Analysis

Investment and VC Movements

The Chilean payment industry has experienced significant investment and strategic movements from major corporate players, particularly reshaping the merchant acquiring and alternative payment methods segments of the value chain. These movements are largely a direct consequence of regulatory reforms aimed at fostering greater competition and innovation.

The most prominent development has been the entry of new corporate-backed entities into the merchant acquiring market, historically dominated by Transbank. Banco Santander Chile launched Getnet, establishing its own acquiring network to compete directly for merchant business. Similarly, Banco de Crédito e Inversiones (Bci) formed a strategic partnership with EVO Payments, a global payment technology provider, to enter the merchant acquiring space. These are not traditional venture capital investments in the sense of funding startups, but significant corporate investments and strategic realignments by major financial institutions to build or acquire capabilities within the payment value chain. The entry of non-bank acquirers like Kushki also represents investment in this liberalized market segment.

Another key investment movement is the acquisition of Servipag by Nuvei. Servipag is a well-established Chilean entity providing bill payment and cash collection services, representing a crucial part of the alternative payment methods landscape. Nuvei, a global payment technology company, acquired Servipag to strengthen its presence in Chile and integrate Servipag's local network and services into its global offerings.

These strategic investments and market entries by major corporate players have a profound and multi-faceted impact across the entire payment value chain, from how payments are initiated and processed to how merchants accept them and how the system is regulated.

Impact of these Investments

The table below details the impact of the major corporate investment movements, specifically the entry of new acquirers (Santander/Getnet, Bci/EVO, Kushki) and the acquisition of Servipag by Nuvei, on each step of the payment value chain:

Value Chain Step Impact of New Acquirers (Getnet, EVO/Bci, Kushki 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. Greater choice at the point of sale or online checkout as merchants adopt competing acquiring solutions. Could 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 by offering diverse payment methods.
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 due to their own technological investments and partnerships. May integrate Servipag's transaction data into Nuvei's global fraud monitoring systems, potentially enhancing fraud detection and prevention measures specifically for APM and bill payment 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. Merchants benefit from potentially faster or more reliable processing depending on the chosen acquirer. Could integrate Servipag's local bill payment and cash transaction processing into Nuvei's global processing infrastructure, potentially optimizing routing, efficiency, or adding new features for these specific transaction types.
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. This reinforces the role of the core clearing and settlement infrastructure. 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 (like ComBanc and LBTR) for final settlement of funds.
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 in Chile. Potentially expands the availability of Servipag's payment methods to Nuvei's existing and future merchant base in Chile through broader integration.
Infrastructure & Networks New acquirers connect to the card networks (Visa, Mastercard, Redcompra), increasing network traffic and potentially driving demand for network services. They leverage existing network infrastructure while adding their own operational layer. Leverages Servipag's existing physical network (for cash payments points) and digital infrastructure, potentially integrating it with Nuvei's global network architecture for payment processing and data flow.
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 and ensuring compliance with the Fintech Law. Nuvei, as an international player acquiring a local entity, falls under Chilean financial regulation and CMF supervision. This adds complexity to compliance and reporting for the combined entity within the Chilean regulatory framework.

These corporate investments signify a strategic redirection of capital within the Chilean financial sector towards capturing opportunities in a liberalized and growing digital payment market. They are key drivers behind the intensified competition and innovation observed across the value chain.

References

  1. APEXX Global. Payment Gateway Chile. https://apexx.global/payment-gateways/latam/chile/
  2. Banco Central de Chile. Payment systems. https://www.bcentral.cl/web/bch/areas-de-accion/mercado-financiero/sistemas-de-pago
  3. Bank for International Settlements. ComBanc Detailed Assessment Report. https://www.bis.org/cpmi/publ/d_ccbmss82.pdf
  4. CMF Chile. Regulations on Financial Services Providers in the Fintech Act. https://www.cmfchile.cl/portal/principal/605/w3-article-85488.html
  5. GlobalData. Chile Cards and Payments – Opportunities and Risks to 2028. https://www.globaldata.com/store/report/chile-cards-and-payments-market-analysis/
  6. 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
  7. Khipu. Khipu – Open Finance APIs. https://khipu.com/en/
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  10. EMIS. Transbank S.A. Company Profile. https://www.emis.com/php/company-profile/Chile/Transbank_S.A._5793177.html
  11. Worldline Global. Chile Local Payments. https://worldline.com/en-cl/home/solutions/local-payments/latam/chile.html
  12. Thoughtworks Chile. The transformation of merchant acquiring. https://www.thoughtworks.com/es/insights/articles/2023/05/08/transformation-merchant-acquiring-chile
  13. Finnovista. What You Need to Know About Chile's Fast-Maturing Fintech Market. https://www.finnovista.com/fintech-ecosystems/fintech-chile-2024/
  14. 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
  15. Leaders League. Banco Santander Chile Terminates Association with Transbank. https://www.leadersleague.com/en/news/banco-santander-chile-terminates-association-with-transbank
  16. 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/
  17. Kushki. Non-bank acquirer | Payment solutions for large companies in LATAM. https://www.kushki.com/en/non-bank-acquiring/
  18. Nuvei. Servipag - Nuvei. https://nuvei.com/solutions/local-payment-methods/servipag/
  19. Servipag. Servipag Corporate Information. https://www.servipag.com/empresas/quienes-somos