Chile
Economic and Financial Transformation in Chile
In recent years, Chile’s economy has experienced steady growth, supported by its diverse natural resources and a robust technology sector. This progress has reshaped the financial landscape, with traditional payment methods like cash and checks gradually giving way to electronic payments, digital wallets, and mobile banking platforms. These digital solutions provide enhanced security, convenience, and efficiency, helping to reduce transaction costs and promote greater financial inclusion.
The widespread adoption of smartphones and improved internet connectivity have accelerated the use of mobile money and electronic banking services. Additionally, government policies encourage digital payment adoption to boost transparency, reduce cash dependency, and increase access to financial services.
Banks and fintech companies in Chile have developed extensive networks and partnerships with retailers and service providers, creating a dynamic ecosystem for cashless transactions. Digital payments are increasingly embraced by both urban and rural populations, fostering financial inclusion and driving innovation in Chile’s growing economy.
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 was one of the largest Chilean banks and a subsidiary of Brazilian bank Itaú Unibanco, was founded in 2006, as Bank Boston in Chile. Itaú Unibanco bought in 2006 the Bank Boston's operation and changed its brand to Itaú. In September 2011 Banco Itaú Chile announced the purchase of operations of British bank HSBC in Chile. It has 92 bank branches, 70 ATM's and more than 2.400 employees and about 150.000 customers. In 2014 the bank merged with Corpbanca, forming Itaú Corpbanca.
Banco Falabella
Banco Falabella is a retail bank in Chile that offers bank transfers through its online banking platform or mobile app. It also provides international transfer services and is a reliable and efficient way for customers to conduct bank transfers in Chile.
Banco de Chile
Banco de Chile was founded on October 28, 1893, with an initial capital of Ch$20,000,000 following the merger of Banco Nacional de Chile, Banco Agrícola and Banco de Valparaíso. It formally began operating two months later on January 2, 1894, from its main offices in Santiago and Valparaíso, a network of 23 branches throughout Chile and 10 agencies abroad for its international transactions. Mr. José Besa Infanta developed private banking in Chile and was a founder of Banco Nacional. He became the first Chairman of Banco de Chile (1894-1905). Ms. Clarisa Lorca was the first customer, who deposited her money with the Bank and became the first checking account holder.
Banco BICE
Banco BICE is a commercial bank established in 1979 and based in Santiago, Chile. The firm offers banking services to companies, individuals and corporate clients. The firm's services include foreign trade, financing of investment projects and advisory services for corporate investments.
Banco de Crédito e Inversiones
Banco de Crédito e Inversiones (BCI) is a Chilean bank that was founded in 1937. The bank is part of the Juan Yarur investment group. BCI offers savings and deposits, securities brokerage, asset management and insurance. BCI operates mainly in Chile, but it has one subsidiary abroad in the USA, the City National Bank of Florida. The bank also has operations in Peru, Colombia, Brazil, Mexico and China.
Banco del Estado de Chile
Bank of the State of Chile commercially operating under the brand BancoEstado, is the only Public Bank in Chile and was created by government decree in 1953. It provides financial services to consumers and companies, with a focus on national coverage in terms of geography and social sectors and a particular emphasis on the unbanked and small and medium enterprises, although it serves all types of businesses. It is the country's largest mortgage lender and largest issuer of debit cards. In addition, BancoEstado performs part of the Chilean government's financial activities through the accounts managed by the General Treasury of the Republic of Chile.
Banco Ripley
Banco Ripley is mainly focus on the consumer segment in both, Chile and Peru, with an offer that includes credit and cards, current accounts, time deposits, insurance, consumer loans, among other products. Banco Ripley has more than 1.4 million clients and a gross loan portfolio that reaches $USD 1,378 million.
Banco Santander Chile
Established in Chile since 1978, Banco Santander Chile is a leader thanks to its strategy based on specialization in the financial business, innovation in products, risk assessment, quality of client service, complemented by the international network that Santander Group has around the world.
Central Bank of Chile
Our mission is to keep inflation under control and contribute to the stability of the financial system, thus playing a part in the country’s development and the progress of its inhabitants.
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HSBC Bank (Chile)
HSBC Bank (Chile) is part of the HSBC Group – one of the world's largest banking and financial services organisations. The Group’s presence in markets across all of the major global trade routes gives customers of HSBC Bank (Chile) access to a world of financial services and opportunities. By combining its knowledge of local customers with its international expertise HSBC Bank (Chile) can offer its corporate and institutional customers a wide range of financial products and services that can be adapted to their needs.
Itaú Corpbanca
Itaú CorpBanca is the subsidiary of Brazilian bank Itaú Unibanco in Chile . Currently, the bank has 389 bank branches in Chile and Colombia , 217 in Chile and 172 in Colombia, the bank's market value is 8 billion dollars, assets of 45 billion dollars and more than 10 thousand employees. The acquisition of CorpBanca by Itaú had been expected since November 2013 , to complete the purchase Itaú will merge its branches in Chile and Colombia with CorpBanca and will make a capital increase of 652 million dollars.
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
4 payment methods that are commonly used in Chile:
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 accept cards and some may have a minimum purchase amount for card transactions.
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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