Chile Cards and Payments – Opportunities and Risks to 2027

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Chile Cards and Payments Market Report Overview

The Chile cards and payments market size was valued at $117.6 billion in 2023 and is expected to achieve a CAGR of more than 7% during 2023-2027. Cards are the preferred method of payment in Chile in payment transaction volume in 2023e. The share of cash will continue to decline gradually due to increased adoption of electronic payments and improved payment infrastructure.

Chile Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Chile Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Chile cards and payments market research report provides a detailed analysis of market trends in Chile’s cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, cards, credit transfers, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Market Size (2023) $117.6 billion
CAGR >7%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cash

·       Direct Debits

·       Credit Transfers

·       Cards

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       Alternative Payments

Leading Players ·       Santander

·       Banco de Chile

·       BCI

·       Mastercard

·       Ripley

·       Magna

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Chile Cards and Payments Market Dynamics

The government of Chile is taking various steps to push e-commerce adoption among SMEs. In December 2021 it launched Digitalize Kit: a platform that allows businesses to access digital tools at a low cost. Businesses receive discounts of up to 70% on various tools across digital marketing, e-commerce, shipments and dispatches, payment methods, connectivity, and cybersecurity. The rise in e-commerce activities will further drive electronic payment growth in the country.

In February 2022, the government introduced the Interchange Rates Law to regulate interchange fees and promote payment card acceptance at merchants. A committee was formed to implement interchange fees.

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Chile Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Chile cards and payments market are direct debits, cards, credit transfers, cash, direct debits, and cheques. In 2023, cards accounted for the largest market volume share. The convenience of electronic payments, improving payment infrastructure, and growing retailer acceptance of payment cards are all facilitating increased usage in the country.

Chile Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Chile Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Chile Cards and Payments Market Segments

The key segments in the Chile cards and payments market are card-based payments, e-commerce payments, and alternative payments among others.

Card-based Payments: Cash payments are declining amid the growing consumer preference for electronic payments. This trend has been boosted by COVID-19, with banks and merchants urging consumers to use non-cash payment methods to help contain the spread of the virus. Card penetration in Chile stands at 2 cards per individual. With the growing consumer preference for card payments, increased adoption of contactless payments, expanding payment infrastructure, and the growing ecommerce market, electronic payments will further displace cash transactions.

Chile Cards and Payment Market Analysis by Segments, 2023 (%)

Chile Cards and Payment Market Analysis by Segments, 2023 (%)

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Chile Cards and Payments Market - Competitive Landscape

Some of the leading players in the Chile cards and payments market are Santander, Banco de Chile, BCI, Mastercard, Ripley, and Magna among others.

Segments Covered in the Report

Chile Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Direct debits
  • Credit Transfers
  • Cards
  • Cheques

Chile Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

Scope

This report provides:

  • Top-level market analysis, information, and insights into Chile’s cards and payments industry
  • Current and forecast values for each market in Chile’s cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing Chile’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of Chile’s cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Chile cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Chile’s cards and payments industry.
  • Assess the competitive dynamics in the Chile cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Chile.
  • Gain insights into key regulations governing the Chile cards and payments industry.

BancoEstado
Banco de Chile
Bci
Banco Falabella
Santander
Itau
Scotiabank
Banco Ripley
Coopeuch
Banco BICE
Banco Security
Banco Consorcio
Banco Internacional
Redcompra
Mastercard
Visa

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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