As of January 2022, approximately 55% of online purchases in Chile were paid for by card. Digital wallets and bank transfers were less popular among Chileans, used for 14% and 13% of online checkouts, respectively.
According to The World Bank, 24.28% 15 years old and above own a credit card, while 78.8% have a debit card. With the country’s credit card market recovering post the pandemic, non-banking companies are entering the space. For instance, in June 2021, Chile-based consumer services company Matci Kard launched the Visa-branded SB Pay credit card.
Sencillito is a popular cash payment method in Chile that enables customers to conveniently pay bills from approximately 200 billers across over 2,000 stores nationwide. On the other hand, Servipag is a Chilean billing portal that offers offline payment options for online purchases, catering specifically to customers who do not possess a payment card or have access to internet banking. (source: PPRO)
MACH is the top Chilean e-wallet service launched in 2017 to improve financial inclusion in the country. Today, it boasts over 3 million users and processes 500,000 transactions in a day.