Chile
Chile, a stable and open economy in South America with a population of over 19 million people, is a diverse and resource-rich market. Known for its mining, agriculture, energy, manufacturing, and services sectors, Chile is a regional trade leader and a major exporter of copper, fruits, and seafood. Its economy is evolving with increasing focus on technology, digital finance, e-commerce, and fintech innovation.
Chile is a global leader in copper production, contributing significantly to mining exports and global commodity markets. The agriculture sector, including wine, fruits, and seafood exports, alongside manufacturing and energy production, supports economic growth and job creation. The services sector, particularly finance, tourism, digital payments, and e-commerce, plays a key role in modernizing the economy and promoting financial inclusion.
As a member of Pacific Alliance and trade agreements with China, the US, and the EU, Chile benefits from regional and global commerce, while its trade and investment policies aim to attract foreign direct investment, fintech expansion, and digital innovation.
Chile faces challenges such as inflation, currency fluctuations, and fiscal constraints, with inflation around 4-5% in 2023. The Central Bank of Chile (Banco Central de Chile) implements monetary policies to ensure economic stability and sustainable recovery. Urban unemployment is estimated at 7-8%, with youth employment remaining a concern.
Digital transformation is accelerating, with growing adoption of mobile wallets, APMs, QR-code payments, contactless cards, and online banking. Fintech startups and digital payment providers are rapidly expanding, supported by a tech-savvy population and high internet penetration.
Sustainable development and renewable energy are national priorities, with investments in solar, wind, and hydroelectric power driving green growth, clean energy innovation, and ESG-compliant investment opportunities. Chile’s strategic focus on modernization, digital finance, and international trade integration positions it as a promising destination for investment, e-commerce, and cross-border payments.
Top banks
Chileans’ widespread use of debit and credit cards boosted e-commerce during the COVID-19 pandemic, especially in retail sectors like groceries, healthcare, and home goods. A 2020 study showed 46% planned to keep these habits post-pandemic, making e-commerce a lasting trend. Since then, online shopping has continued to grow steadily. Additionally, Chile’s iGaming sector—covering online gaming, sports betting, and digital casinos—has rapidly expanded due to increased internet access and smartphone use. Supported by evolving regulations, iGaming now plays a key role in Chile’s digital economy, offering new business opportunities in entertainment and digital services.
Banco Itaú
Banco Itaú Chile, a subsidiary of Brazil’s Itaú Unibanco, was founded in 2006 after acquiring Bank Boston’s operations in Chile. In 2011, the bank expanded by acquiring HSBC Chile’s operations. With 92 branches, 70 ATMs, and over 2,400 employees serving 150,000 customers, it provides retail, corporate, and commercial banking services. In 2014, Banco Itaú Chile merged with Corpbanca, forming Itaú Corpbanca.
Banco Falabella
Banco Falabella Chile is a leading retail bank offering convenient bank transfers, both domestically and internationally, through its online banking platform and mobile app. Known for its reliable, fast, and efficient banking services, Banco Falabella provides digital banking solutions, catering to individuals and businesses across Chile.
Banco de Chile
Banco de Chile, founded on October 28, 1893, is one of Chile’s oldest and most established banks. Formed through the merger of Banco Nacional de Chile, Banco Agrícola, and Banco de Valparaíso, the bank began operations in January 1894 with offices in Santiago and Valparaíso, 23 branches nationwide, and 10 international agencies. Banco de Chile pioneered private banking in Chile under José Besa Infanta and continues to offer retail, corporate, and international banking services.
Banco BICE
Banco BICE, founded in 1979 and headquartered in Santiago, Chile, is a leading commercial bank offering services to corporate, individual, and business clients. The bank specializes in foreign trade, investment project financing, and corporate advisory services, supporting domestic and international growth.
Banco de Crédito e Inversiones
Banco de Crédito e Inversiones (BCI), founded in 1937, is a leading Chilean bank and part of the Juan Yarur investment group. BCI provides retail and corporate banking services, including savings, deposits, asset management, securities brokerage, and insurance. With operations in Chile, Peru, Colombia, Brazil, Mexico, China, and the USA (via City National Bank of Florida), BCI supports international banking and investment solutions.
Banco del Estado de Chile
Banco del Estado de Chile (BancoEstado) is Chile’s only public bank, founded in 1953. It provides retail and corporate banking, with a focus on financial inclusion, serving unbanked individuals and SMEs nationwide. BancoEstado is the largest mortgage lender and debit card issuer in Chile and manages key government financial accounts.
Banco Ripley
Banco Ripley serves the consumer banking market in Chile and Peru, offering credit cards, current accounts, time deposits, insurance, and consumer loans. With over 1.4 million clients and a gross loan portfolio of USD 1,378 million, Banco Ripley is a leading provider of retail financial services in the region.
Banco Santander Chile
Founded in 1978, Banco Santander Chile is a leading bank known for financial innovation, specialized services, risk management, and high-quality customer service. Backed by the global Santander Group network, it offers comprehensive banking solutions for individuals, businesses, and corporations in Chile.
Central Bank of Chile
The Central Bank of Chile (Banco Central de Chile) is Chile’s main monetary authority, responsible for price stability, inflation control, and a sound financial system. It issues the national currency (Chilean Peso – CLP), manages foreign reserves, and oversees monetary and financial policies to support economic growth and stability.
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HSBC Bank (Chile)
HSBC Bank (Chile), part of the global HSBC Group, offers corporate and institutional clients access to international and local financial services. Combining local expertise with global reach, the bank provides corporate banking, investment solutions, trade finance, and tailored financial services across Chile.
Itaú Corpbanca
Itaú CorpBanca, part of Itaú Unibanco, operates 389 branches across Chile and Colombia, with USD 45B in assets and 10,000+ employees. The bank offers retail, corporate, loans, digital banking, and wealth management services.
Top payment methods
In Chile, Red Compra and Transbank dominate card payments, enabling secure debit and credit transactions nationwide. Webpay Plus, powered by Transbank, is a leading online payment gateway widely used in e-commerce. Magna and Presto are popular prepaid card options for budget-conscious consumers. For bill payments, services like Sencillito and ServiPag offer convenient platforms to pay utilities, taxes, and other bills electronically or in physical locations. These diverse payment methods together support Chile’s advanced financial ecosystem, fostering both digital adoption and financial inclusion across urban and rural areas. Read more about each method below:
Red Compra
Red Compra is a popular debit card in Chile, which is managed by Transbank. It allows customers to make purchases and withdraw cash from ATMs. Transbank also has a monopoly on online bank transfers in Chile, which makes it a key player in the country's banking and financial services sector. It offers a wide range of services that cater to the needs of individuals and businesses, including online payment processing and card issuing.
Transbank
Transbank is a Chilean banking support company that provides a wide range of banking and financial services. It is a conglomerate of local banks and the owner of Webpay Plus, which is one of the popular payment methods in Chile.
Magna
Banco Falabella and CMR Falabella are Chilean credit card banks, and Magna is another Chilean credit card bank which is owned by Santander. American Express, VISA, and Mastercard are also widely accepted in Chile. All these options provide consumers with a variety of choices to complete their purchases.
Presto
Presto is another major local credit card in Chile, which can be used for purchases both in-store and online.
Webpay Plus
In Chile, credit and debit cards are the dominant form of payment, with Webpay Plus being a popular option for online payments.
Webpay Plus is a credit card payment method that allows merchants to accept internet payments in their webshops. It is one of the most popular payment methods in Chile.
Sencillito
.. is another cash payment method that is available in Chile. It allows shoppers to pay for their purchases in cash at any store by presenting a voucher number. When choosing to pay using Sencillito at checkout, the customer will receive an email invoice with specific information for that purchase. The consumer then brings the invoice to a Sencillito location to pay in cash or using a prepaid retail card. The transaction is confirmed and a receipt is provided to the customer. This method is useful for those who prefer to pay in cash, but it also allows the consumer to keep track of their purchases.
ServiPag
ServiPag is the main cash payment method, although it's less relevant in this market
Concluding remarks
Cash
Physical currency is still widely used in Chile, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Chile. However, not all businesses in Chile accept card payments, and some may impose a minimum purchase amount for card transactions. While credit cards and debit cards are common, it's always good to check with local vendors or have alternative payment methods available.
Mobile payments
... are becoming increasingly popular in Chile, with apps like MercadoPago and Transbank allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Chile, particularly Bitcoin.
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