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Payment in Chile Current Behavior Changes Analysis

Ongoing Behavior Changes

The Chilean payment industry is undergoing significant transformation driven by evolving consumer and business behaviors. The primary ongoing behavior change is a marked shift from traditional payment methods, particularly cash, towards digital alternatives across both B2C and B2B segments. This is evidenced by the substantial increase in retail transactions per capita, rising from 117 in 2018 to 279 in 2022, and the fact that cash now constitutes only 3% of total transactions, the lowest among the top six Latin American markets.

In the B2C segment, consumers are increasingly embracing e-commerce and mobile-first interactions. The number of e-commerce users in Chile is projected to grow from 12.7 million in 2022 to 13.7 million by 2027. This growth fuels the demand for convenient and secure online payment options, with credit cards currently dominating e-commerce spend (60%), followed by debit cards (20%) and bank transfers (9%). Alongside traditional cards, there is a rapid adoption of digital wallets, reported as the fastest-growing segment despite currently representing less than 10% of retail volume. Mercado Pago alone boasts nearly 5 million users in Chile, highlighting the scale of this shift. Furthermore, the Buy Now, Pay Later (BNPL) segment is experiencing robust growth, valued at USD 651.2 million in 2024 and projected to reach USD 2.52 billion by 2030, indicating a growing consumer appetite for flexible payment solutions. Mobile internet penetration is high, with approximately 22.8 million users as of September 2024, providing the necessary infrastructure for mobile payments and digital wallet growth.

For B2B customers, the move towards digitization is partly mandated and partly driven by efficiency needs and the mirroring of B2C digital experiences. All established companies have been required to issue and receive electronic invoices since 2018, necessitating their engagement with digital payment and invoicing systems. The unbundling of the historically concentrated acquiring market has spurred competition, leading to more businesses having access to and utilizing electronic payment acceptance services through new entrants like Getnet and EVO Payments, alongside incumbent Transbank. The growing number of fintechs focused on payments and remittances, many exceeding USD 100 million in annual transaction volume, further underscores the increasing B2B adoption of digital payment solutions. Businesses are seeking efficient ways to both accept payments from customers and manage their outgoing payments digitally, driven by the increasing electronification of commerce.

Overall, these behavior changes indicate a clear trend towards greater digital engagement in payments, higher expectations for convenience and speed, diversification of preferred payment methods beyond traditional cards and cash, and an increasing demand for integrated digital solutions for both B2C and B2B transactions.

Impact of These Changes on the Value Chain

The ongoing behavior changes are significantly impacting the relationships and demand dynamics across the entire payment value chain in Chile:

Value Chain Step Impact of Behavior Changes
Payment Initiation Increased volume and diversity: Rising e-commerce, mobile payments, digital wallets, and BNPL increase transaction volume across online/mobile channels. Demand for seamless, one-click, and diverse payment options at checkout grows. Cash initiation points (e.g., Servipag physical locations) may see relative decline in volume, though still serving a niche.
Authentication & Authorization Increased complexity and demand for advanced solutions: Growth in digital transactions heightens the need for sophisticated fraud detection (ML/AI driven) and strong customer authentication (SCA) methods (e.g., 3-D Secure 2.0 adoption). Issuers and networks face higher volumes of digital authentication requests.
Payment Processing Increased volume and competition: Higher digital transaction volume requires scalable processing infrastructure. New payment methods (wallets, BNPL, A2A via PISPs) necessitate integration capabilities and put pressure on traditional processors to support diverse transaction types and data formats. Cross-border e-commerce growth increases demand for cross-border processing solutions.
Clearing & Settlement Shift in volume composition: While overall volume increases, the proportion of transactions flowing through traditional card scheme clearing and bank-led batch ACH may shift as real-time A2A and wallet-based settlements grow. Demand for faster settlement cycles (e.g., T+0, instant) increases, particularly for merchants using digital wallets or A2A.
Payment Acceptance & Wallets Intensified competition and innovation: Merchants demand solutions to accept a wider range of digital payments (cards, wallets, BNPL, A2A). This drives competition among acquirers, payment gateways, and wallet providers, leading to pressure on MDRs and a focus on value-added services. Digital wallets gain prominence as a preferred customer interface and acceptance method.
Infrastructure & Networks Increased load and need for modernization: Higher transaction volumes stress existing network infrastructure. Demand for faster, more resilient, and interoperable networks grows to support real-time payments (LBTR use for high-value settlement, future instant payments). APIs and open banking infrastructure become critical for enabling new payment initiation methods (A2A).
Regulation & Oversight Focus on new technologies and consumer protection: Regulatory focus shifts to overseeing fintechs, digital wallets, BNPL, and open finance. Increased digital fraud necessitates updated regulations and enforcement. Need to balance fostering innovation with ensuring consumer protection and financial stability in a more complex digital ecosystem. Regulatory mandates (Fintech Law, interchange caps) directly shape player behavior and relationships.

These behavior changes fundamentally alter the value chain by increasing the volume and complexity of digital transactions, diversifying the methods used, and shifting power dynamics towards players enabling seamless digital experiences and offering competitive pricing. This necessitates adaptation from all participants, from infrastructure providers to regulators, to support the evolving landscape and meet customer demands.

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