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Payment in Chile Final Customers Identification

Customers Categorization

The final customers in the Chilean payment industry value chain can be broadly categorized into two main segments: Business-to-Consumer (B2C) and Business-to-Business (B2B). These segments represent the end-users of payment services, either as individuals making payments for goods and services or as businesses conducting transactions with other businesses or consumers.

The B2C segment comprises individual consumers who initiate payments for their personal consumption of goods and services. They interact with various points in the value chain, primarily at the payment initiation and acceptance stages when making purchases from merchants or paying bills.

The B2B segment consists of businesses of all sizes, from large corporations to small and medium-sized enterprises (SMEs) and individual merchants. These entities are final customers in the sense that they utilize payment services to receive payments from their customers (B2C or other B2B entities) and to make payments to their suppliers, employees, and other business partners. They are involved in multiple steps of the value chain, including payment acceptance, processing, and potentially clearing and settlement depending on their size and direct relationships with financial institutions.

Detailed report on final customers categorized into B2B and B2C segments.

B2C Customers:

B2C customers are the individuals who use payment methods to purchase goods and services for personal use. In the context of the payment value chain, they are typically the payers at the "Payment Initiation" step and are the recipients of value (goods/services) from merchants in the "Payment Acceptance" step. Their interaction with the payment system is driven by convenience, security, speed, and the availability of preferred payment methods at the point of sale, whether physical or online.

Key interactions for B2C customers in the value chain include:

  • Payment Initiation: Choosing a payment method (card, digital wallet, bank transfer, cash) at a physical POS, e-commerce checkout, or bill payment portal.
  • Authentication & Authorization: Verifying their identity and confirming fund availability through PIN entry, 3-D Secure, biometric authentication, or login credentials.
  • Acceptance & Wallets: Using digital wallets or alternative payment methods offered by merchants.

B2B Customers:

B2B customers, primarily merchants and corporations, are integral to the payment value chain as both payers and payees. As payees, they need the infrastructure and services to accept payments from their customers (B2C or B2B). As payers, they need efficient and secure ways to disburse funds to suppliers, manage payroll, and handle other business expenses.

Key interactions for B2B customers in the value chain include:

  • Payment Initiation: Initiating payments to suppliers or other businesses, often through bank transfers, corporate cards, or electronic invoicing systems.
  • Payment Acceptance: Utilizing merchant acquiring services, payment gateways, and POS solutions to receive payments from customers.
  • Processing: Relying on payment processors and gateways to handle transaction data.
  • Clearing & Settlement: Ultimately receiving settled funds in their bank accounts from the clearing and settlement processes.
  • Regulation & Oversight: Adhering to regulations related to payment acceptance, electronic invoicing, and AML/CFT compliance.

Detailed profiles of customer characteristics and demographics.

B2C Customer Characteristics and Demographics:

The Chilean B2C customer base is increasingly digital and financially included. Internet penetration is high, reaching 91% in 2022, which significantly supports the adoption of digital payment methods. E-commerce is a major driver of digital payment usage, with 64.8% of Chileans having bought online in 2022, a figure projected to grow to 69.4% by 2027. The number of e-commerce users is substantial, at 12.7 million in 2022, expected to rise to 13.7 million by 2027.

Demographically, online shoppers in Chile show a relatively even split between genders, with a slight upward trend in female participation. The most active age groups in e-commerce are those between 26 and 40 years old (33%), followed by individuals aged 41 to 55 (29%). Online purchasing is also distributed across income levels, with high-income households accounting for 36% of buyers, and both low and middle-income households each representing 32%.

Chilean consumers demonstrate a high level of satisfaction with their online shopping experiences, with 85% rating their initial experience positively in 2022. Mobile devices are the preferred channel for online shopping, used in 58% of e-commerce purchases in 2022.

Regarding payment method preferences, B2C customers utilize a mix. While credit cards are the most common for e-commerce (60%), debit cards are dominant for in-person transactions (37% of POS financial volume). Digital wallets are gaining traction, and bank transfers remain a significant payment option, particularly for online purchases (9%). The Buy Now, Pay Later (BNPL) segment is experiencing rapid growth, indicating a consumer appetite for flexible payment options.

Financial inclusion is high in Chile, with 96% of adults possessing some form of financial product, such as a debit card, mobile wallet, savings account, or credit card. However, a small percentage of the population, particularly in rural areas or with lower economic standing, may still rely on cash, which accounts for 3% of total transactions, the lowest among the top six LatAm markets. Younger demographics (under 34) are generally more inclined towards digital and diversified payment methods.

B2B Customer Characteristics and Demographics:

B2B customers in the Chilean payment industry are diverse, ranging from large corporations with complex payment needs to SMEs and micro-merchants. Electronification of B2B transactions is mandated, with all established companies required to issue and receive electronic invoices since 2018.

These businesses require efficient payment acceptance solutions to cater to the growing digital preferences of B2C consumers. This includes adopting POS terminals, integrating with various online payment gateways, and accepting a range of payment methods, including cards, digital wallets, and bank transfers.

For their outgoing payments, Chilean businesses utilize traditional methods like bank transfers (equivalent to wire transfers or ACH in other contexts) and increasingly explore digital solutions for greater efficiency and security in managing transactions with suppliers and partners. The move towards digitization in B2B payments is partly driven by the positive experiences of business owners and employees as B2C consumers, leading to higher expectations for ease of use and speed in B2B transactions.

B2B customers, especially those involved in e-commerce, need solutions that can handle recurring payments, subscriptions, and automated billing. The logistics sector, a key B2B segment, is increasingly focusing on personalized payment and service offerings for both their B2B and B2C clients, highlighting the interconnectedness of these customer types in certain industries. The ongoing implementation of the Fintech Law and Open Finance system is expected to further impact B2B customers by enabling more streamlined and potentially lower-cost payment initiation and financial management tools.

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