The Cards and Payments Industry in Chile: Emerging trends and opportunities to 2020

2017-07-27
Price :
Published : Jul-2017
No. of Pages : 49

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 Ita├║ 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.

Filed in: Banking & Finance
Publisher : GlobalData
More Reports
Title Price Buy Now

PESTLE Insights: Macroeconomic Outlook Report – Taiwan

PESTLE Insights: Macroeconomic Outlook Report - Taiwan Summary Taiwan Provience, New Taipei City and Taichung City totaled for around 59% of total Taiwan's population. Mining, manufacturing and utilities contributed 34.1% to the gross value added (GVA) in 2017, followed by wholesale, retail and hotels (19.4%) and financial intermediation, real estate and business activities (17.3%). In nominal terms, the three sectors are expected to grow by 4.1%, 3.4% and 3.4% respectively, in 2018. Scope - As per the Global Competitiveness Index 2017-2018, Taiwan's infrastructure ranks 15th out of the total 137 nations - Taiwan Parliament approved TWD 107.05 bn (US$3.5 bn) funds for infrastructure development in 2017 - Majority of inward FDI was towards manufacturing, financial and insur......
$500

Payments Landscape in Colombia: Opportunities and Risks to 2022

Payments Landscape in Colombia: Opportunities and Risks to 2022 Summary GlobalData's "Payments Landscape in Colombia: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Colombian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards, cash, direct debit, and cheques during the review-period (2014-18e). 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 (2018e-22f). It also offers information on the country's competitive landscape, including market shares of issuers and ......
$2750

Payments Landscape in Kuwait: Opportunities and Risks to 2022

Payments Landscape in Kuwait: Opportunities and Risks to 2022 Summary GlobalData's "Payments Landscape in Kuwait: Opportunities and Risks to 2022", report provides detailed analysis of market trends in Kuwait's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards and cheques during the review-period (2014-18e). 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 (2018-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes. The report brings toge......
$2750

Payments Landscape in Vietnam: Opportunities and Risks to 2022

Payments Landscape in Vietnam: Opportunities and Risks to 2022 Summary GlobalData's "Payments Landscape in Vietnam: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Vietnamese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards, credit transfers, direct debit, and cheques during the review-period (2014-18e). 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 (2018e-22f). It also offers information on the country's competitive landscape, including market shares of i......
$2750

Fintech Profile: Lemonade

Fintech Profile: Lemonade Summary Lemonade is an artificial intelligence- (AI-) based platform offering peer-to-peer (P2P) property and casualty insurance for home and condominium owners, and renters. Scope The report provides information and insights into Lemonade, including - - Overview of the company and its product offering - Detailed insight into its business operation, technology, revenue model, geographical presence and target market - Information on its funding, and partnerships - Biography of top management. Reasons to buy - Gain insights into Lemonade's business operations. - Gain insights into funding and partnerships. - Gain understanding about its target market and impact.......
$350

The Insurance Industry in Cambodia, Key Trends and Opportunities to 2022

The Insurance Industry in Cambodia, Key Trends and Opportunities to 2022 Summary "The Insurance Industry in Cambodia, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Cambodian insurance industry. It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cambodian economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure. This ......
$1450

Governance, Risk and Compliance – The Chilean Insurance Industry

Governance, Risk and Compliance - The Chilean Insurance Industry Summary "Governance, Risk and Compliance - The Chilean Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Chile. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. The report provides insights into the govern......
$950

Governance, Risk and Compliance – The Brazilian Insurance Industry

Governance, Risk and Compliance - The Brazilian Insurance Industry Summary "Governance, Risk and Compliance - The Brazilian Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Brazil. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. The report provides insights into the g......
$950

The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022

The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022 Summary "The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Caymanian insurance industry. It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Caymanian economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulator......
$1450

The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022

The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022 Summary "The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Azerbaijani insurance industry. It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Azerbaijani economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory st......
$1450
We use cookies to deliver the best possible experience on our website.
By continuing to use this site, or closing this box, you consent to our use of cookies. To learn more, visit our Privacy Policy