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The Cards and Payments Industry in Chile: Emerging Trends and Opportunities to 2020

  • ID: 4342803
  • Report
  • Region: Chile
  • 49 pages
  • GlobalData
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FEATURED COMPANIES

  • American Express
  • Banco del Estado de Chile
  • Banco Itaú Chile
  • Banco Santander Chile
  • CuentaRUT
  • Mastercard
  • MORE
The Cards and Payments Industry in Chile: Emerging trends and opportunities to 2020

Summary

Changing lifestyles and rises in the economically active population, disposable income, and the popularity of online shopping supported the growth of payment cards during the review period - a trend that is anticipated to continue over the forecast period (2016-20f).

Cash remains the preferred method of consumer payments in Chile, accounting for 76% of total payment transaction volume in 2016. Cash is mainly used for day-to-day and low-value transactions. However, Chile’s cards and payments industry underwent a transformation during the review period (2012-16), supported by government initiatives such as a financial inclusion program and infrastructure modernization. As use of cash and cheques declined, debit and credit cards have benefited. Government efforts to provide basic banking and financial services to the unbanked helped a large proportion of the population become banked, which benefitted the industry. The percentage of individuals aged over 15 with an account grew from 49.8% in 2012 to 71.4% in 2016.

Demand for credit cards increased during the review period. This was mainly driven by increased short-term credit demand following the financial crisis, especially among the Chilean lower- and middle-class population. Banks reciprocated positively by lowering interest rates for credit card consumer loans. According to central bank statistics, the average interest rate on credit card consumer loans decreased from 34.3% in January 2013 to 23.3% in December 2016, encouraging consumers to take out credit cards.

The report "The Cards and Payments Industry in Chile: Emerging trends and opportunities to 2020" provides detailed analysis of market trends in the Chilean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, payment cards, cash, direct debit, and cheques during the review-period (2012-16e).

In particular, this report provides the following:
  • Current and forecast values for each market in the Chilean cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including credit transfers, cash, cheques, direct debit, and payment cards. 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 the Chilean cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Companies mentioned in this report: Banco del Estado de Chile, Banco Santander Chile, Bci, Banco de Chile, Banco Falabella , Banco Ripley, Banco Itaú Chile, Redcompra, Scotiabank, CuentaRUT, Magna, Visa, Mastercard, American Express.

Scope
  • To capitalize on the growing adoption of alternative payment solutions in the country, BBVA Chile launched its mobile wallet, BBVA Wallet, in April 2015. The wallet allows users to make contactless mobile payments without the need to authenticate transactions with a PIN. The wallet is directly linked to the customer’s bank account. Meanwhile Visa launched Visa Checkout in Chile in February 2015. It allows users to store multiple card details and billing addresses for faster checkout. Once details are saved they can be used for future payments.
  • To promote electronic payments in Chile, Mastercard has launched various payment solutions. It launched the Qkr! mobile app for Android and iOS mobile phone users in June 2015, enabling consumers to make faster and secure payments using a mobile phone or tablet. The app is available free of charge, and only requires users to register their credit card details. Chile was the first Latin American country to offer this solution, which is now mostly targeted at sports fans. It allows them to order food from their seat while watching matches at the National, Estadio Monumental David Arellano, and La Portada stadiums. Mastercard also offers its Masterpass payment solution in Chile for online shoppers. Masterpass allows users to pay from a list of pre-stored card and shipping information.
  • To serve the unbanked population and promote prepaid cards in the country, the central bank introduced a new regulation on prepaid cards in 2015. Non-banking organizations under the purview of the Superintendence of Banks and Financial Institutions (SBIF) are now allowed to issue prepaid cards. A customer’s identity must be verified before offering a prepaid card in order to curb money laundering and terrorist financing activities.
Reasons to buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Chilean cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Chilean cards and payments industry.
  • Assess the competitive dynamics in the Chilean cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Chile.
  • Gain insights into key regulations governing the Chilean cards and payments industry.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • American Express
  • Banco del Estado de Chile
  • Banco Itaú Chile
  • Banco Santander Chile
  • CuentaRUT
  • Mastercard
  • MORE
1. EXECUTIVE SUMMARY
1.1. Market overview
1.2. Key facts
1.3. Top five industry events
2. PAYMENT INSTRUMENTS
2.1. Current payment environment
3. E-COMMERCE AND ALTERNATIVE PAYMENTS
3.1. E-commerce market analysis
3.2. Alternative payment solutions
3.2.1. PayPal
3.2.2. BBVA Wallet
3.2.3. Visa Checkout
3.2.4. Masterpass
3.2.5. Qkr!
3.2.6. Servipag
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY
4.1. Regulatory framework
4.2. AML
4.3. Foreign direct investment regulations
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS
6. PAYMENT CARDS
7. DEBIT CARDS
7.1. Debit card market analysis
7.2. Competition in the debit card market
7.3. Debit card comparison
8. PAY-LATER CARDS
8.1. Pay-later card market analysis
8.2. Competition in the pay-later card market
8.3. Pay-later card comparison
9. PREPAID CARDS
10 APPENDIX
10.1. Abbreviations and acronyms
10.2. Supplementary data
10.3. Definitions
10.4. Methodology
10.5. Bibliography
10.6. Further reading

List of Tables
Table 1: Chile: key facts, 2016
Table 2: Chile: regional benchmarking of payment cards, 2016
Table 3: Chile: mode of entry of foreign banks
Table 4: Chile: debit card comparison and key features, 2017
Table 5: Chile: gold credit card comparison and key features, 2017
Table 6: Chile: premium credit cards comparison and key features, 2017
Table 7: Chile: payment instrument transaction values (CLPtn), 2012-16e
Table 8: Chile: payment instrument transaction values ($bn), 2012-16e
Table 9: Chile: payment instrument transaction volumes (millions), 2012-16e
Table 10: Chile: payment cards in circulation by type (millions), 2012-20f
Table 11: Chile: volume of payment card transactions (millions), 2012-20f
Table 12: Chile: value of payment card transactions (CLPtn), 2012-20f
Table 13: Chile: value of payment card transactions ($bn), 2012-20f
Table 14: Chile: debit cards in circulation (millions), 2012-20f
Table 15: Chile: debit card transaction volumes, 2012-20f
Table 16: Chile: debit card transaction values (CLP), 2012-20f
Table 17: Chile: debit card transaction values ($), 2012-20f
Table 18: Chile: debit cards in circulation by scheme (millions), 2012-16e
Table 19: Chile: debit card transaction values by scheme (CLPtn), 2012-16e
Table 20: Chile: debit card transaction values by scheme ($bn), 2012-16e
Table 21: Chile: debit card transaction values by issuer (CLPbn), 2012-16e
Table 22: Chile: debit card transaction values by issuer ($bn), 2012-16e
Table 23: Chile: pay-later cards in circulation (millions), 2012-20f
Table 24: Chile: pay-later card transaction volumes, 2012-20f
Table 25: Chile: pay-later card transaction values (CLP), 2012-20f
Table 26: Chile: pay-later card transaction values ($), 2012-20f
Table 27: Chile: pay-later cards in circulation by scheme (000s), 2012-16e
Table 28: Chile: pay-later card transaction values by scheme (CLPbn), 2012-16e
Table 29: Chile: pay-later card transaction values by scheme ($m), 2012-16e
Table 30: Chile: pay-later card transaction values by issuer (CLPbn), 2012-16
Table 31: Chile: pay-later card transaction values by issuer ($m), 2012-16e
Table 32: Chile: prepaid cards in circulation (000s), 2012-20f
Table 33: Chile: prepaid card transaction values (CLPbn), 2012-20f
Table 34: Chile: prepaid card transaction values ($m), 2012-20f
Table 35: Key definitions

List of Figures
Figure 1: Chile: payment instrument shares by transaction value (%), 2012 vs 2016
Figure 2: Chile: payment instrument shares by transaction volume (%), 2012 vs 2016
Figure 3: Chile: e-commerce value, 2012-20f
Figure 4: Chile: population and economic indicators
Figure 5: Chile: ATMs, POS terminals, and household consumption
Figure 6: Chile: payment card transaction value and cards in circulation, 2012-20f
Figure 7: Chile: debit card penetration and turnover per card
Figure 8: Chile: debit card scheme and issuer transaction value shares, 2016
Figure 9: Chile: pay-later card penetration and turnover per card
Figure 10: Chile: pay-later card scheme and issuer transaction value shares, 2016
Figure 11: Chile: prepaid cards in circulation and transaction value, 2012-20f
Note: Product cover images may vary from those shown
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  • Banco del Estado de Chile
  • Banco Santander Chile
  • Bci
  • Banco de Chile
  • Banco Falabella
  • Banco Ripley
  • Banco Itaú Chile
  • Redcompra
  • Scotiabank
  • CuentaRUT
  • Magna
  • Visa
  • Mastercard
  • American Express
Note: Product cover images may vary from those shown
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