Payment in Chile Follow the Money Report¶

Opportunities for Change¶

The Chilean payment landscape is undergoing a significant transformation, with investment flowing into specific areas of the value chain, primarily driven by regulatory reforms aimed at fostering competition and innovation. The dismantling of Transbank's historical monopoly in merchant acquiring has been a catalyst, opening the door for new players and substantial capital injections.

1. Merchant Acquiring and Acceptance & Wallets:

This segment is receiving the most substantial investment and is undergoing the most dramatic change. * New Acquirers: Major financial institutions are making significant strategic investments to establish their own acquiring businesses or partner with international payment providers. * Getnet (by Banco Santander): Santander launched its own acquiring network, representing a direct investment in building a competing infrastructure. [M&A, Investment and VC] * EVO Payments and Bci Partnership: Bci (Banco de Crédito e Inversiones) partnered with EVO Payments, a global payment technology provider, to enter the merchant acquiring space. This joint venture signifies a strategic investment in combining local market knowledge with international processing expertise. [M&A, Investment and VC] * Kushki: The entry of non-bank acquirers like Kushki, which has secured funding and is actively expanding in Latin America, further illustrates investment in this newly competitive space. [M&A, Investment and VC, New Entrants] * Impact of Investment: * Increased Competition: The primary outcome is a significant increase in competition within the merchant acquiring segment, directly impacting the "Acceptance & Wallets" step of the value chain. * Lower Costs for Merchants: Competition is driving down Merchant Discount Rates (MDRs) and leading to more varied and potentially favorable pricing models for merchants (e.g., Interchange++). [M&A, New Entrants] * Improved Services and Technology: New acquirers are introducing modern POS technologies, improved settlement times, and enhanced service level agreements. [M&A, New Entrants] * Diversification of Payment Options: Merchants gain more choices for their payment processing partners and the technologies they use. [M&A, Investment and VC]

2. Alternative Payment Methods (APMs) and Bill Payments:

Investment is also flowing into strengthening and expanding the capabilities of alternative payment methods, catering to a broader range of consumer preferences and merchant needs. * Nuvei's Acquisition of Servipag: The acquisition of Servipag, a prominent Chilean bill payment and cash collection network, by Nuvei, a global payment technology company, is a key investment. [M&A, Investment and VC] * Impact of Investment: * Strengthening APM Ecosystem: This move strengthens Nuvei's position in the Chilean APM and bill payment acceptance segments. It integrates a strong local network with a global payment platform. [M&A, Investment and VC] * Enhanced E-commerce Offerings: Servipag's bill payment and cash payment options can be more seamlessly integrated into Nuvei's online payment gateway offerings, expanding the range of payment methods available for e-commerce transactions. This impacts the "Payment Initiation" and "Acceptance & Wallets" steps. [M&A, Investment and VC] * Global Integration: Servipag's local processing can be integrated into Nuvei's global infrastructure, potentially optimizing efficiency and introducing new features for these transaction types. [M&A, Investment and VC]

3. Fintech Innovation (Digital Wallets, A2A, BNPL):

While not always characterized by large-scale M&A or direct corporate investments from incumbent banks in the same way as acquiring, the broader fintech sector is a hotbed of VC investment and innovation, creating opportunities for change. * Digital Wallets: Players like MACH (Bci), Tenpo, and Fpay (Falabella), alongside Mercado Pago, are receiving backing and driving the adoption of digital payments. These often represent internal corporate investment or strategic partnerships. [New Entrants] * Account-to-Account (A2A) Payments: Companies like Khipu are developing solutions for direct bank transfers, offering alternatives to card payments. [New Entrants] * Buy Now, Pay Later (BNPL): The emergence of BNPL providers like Wibond indicates investment in new credit and payment models. [New Entrants] * Impact of Investment: * New Payment Initiation Methods: Fintechs are introducing new ways for consumers to initiate payments, challenging traditional methods and impacting the "Payment Initiation" step. [New Entrants] * Competition for Acceptance: Digital wallets and new APMs compete for merchant acceptance, influencing the "Acceptance & Wallets" stage. [New Entrants] * Specialized Solutions: Investment in fintech often targets niche markets or specific user experiences, driving innovation in areas like fraud prevention and user interface design. [New Entrants]

4. Global Payment Gateways and Processors:

International PSPs and gateways like Worldline, EBANX, APEXX Global, and PayRetailers are investing in the Chilean market, either by establishing local operations, forming partnerships, or acquiring local capabilities. * Impact of Investment: * Advanced Processing Capabilities: These players bring global expertise, advanced technology, and robust processing platforms, impacting the "Processing" step. [New Entrants] * Cross-Border E-commerce Facilitation: Their presence and investment make it easier for international merchants to access the Chilean market and for local merchants to sell internationally. [New Entrants] * Increased Competition for Payment Services: They intensify competition among payment gateways and processors, offering merchants more sophisticated and often integrated solutions for accepting a wide array of payment methods. [New Entrants]

In summary, investments are heavily concentrated on capitalizing on the newly liberalized merchant acquiring market and on enhancing the infrastructure and offerings for alternative and digital payment methods. This is leading to a more competitive, diverse, and technologically advanced payment ecosystem in Chile, creating opportunities for lower costs, better services, and more choices for both merchants and consumers. The "Acceptance & Wallets" and "Payment Initiation" steps of the value chain are seeing the most direct impact from these investment-driven opportunities.

Key Findings¶

Opportunity Area for Change	Key Investment Drivers	Impacted Value Chain Steps	Key Players/Examples Investing
Merchant Acquiring	Regulatory liberalization (end of Transbank monopoly)	Acceptance & Wallets, Processing, Payment Initiation	Getnet (Santander), Bci/EVO Payments, Kushki
Alternative Payment Methods (APMs) & Bill Payments	Desire for diverse payment options, growth of e-commerce, cash digitization	Acceptance & Wallets, Payment Initiation, Processing	Nuvei (acquiring Servipag)
Fintech Innovation (Wallets, A2A, BNPL)	Technological advancements, evolving consumer preferences, VC funding, niche market focus	Payment Initiation, Acceptance & Wallets	MACH, Tenpo, Fpay, Khipu, Wibond, various fintech startups
Global Payment Gateways & Processors	Market entry into a growing digital economy, facilitating cross-border commerce	Processing, Acceptance & Wallets, Payment Initiation	Worldline, EBANX, APEXX Global, PayRetailers

References¶

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