An abundance of opportunities for e-commerce market growth in Chile
Chile has the highest internet and smartphone penetration in Latin America, paving the way for a multitude of E-commerce opportunities.
Chile’s online payment landscape is dominated by credit cards, accounting for more than half of all online transactions. In that regard, Chile is considered quite advanced among its peers in the region, despite it being relatively small. Nevertheless, only approximately 30% of credit cards are internationally enabled, thus, putting limitations on cross-border e-commerce opportunities. Cash, just like in most countries in the region, also remains a popular and highly reliable payment method in Chile.
Through Transbank, Chile’s single acquirer, PayU is able to offer WebPay solutions which, in essence, is an online payment portal that enables customers to use credit and debit (RedCompra) cards for online transactions. RedCompra is Chile’s first multi-bank debit card that has gained significant popularity for online purchasing, enabling customers to make bank or debit card transactions easily.
Cash payments for online transactions account for a smaller proportion of the payment breakdown in Chile – 7%, a significant difference in comparison with most Latin American countries. ‘Multicaja Efectivo’ works a lot like other Latin American cash solutions such as OXXO in Mexico and Boleto in Colombia, where the customer receives a unique code or coupon that enables them to complete these transactions in Multicaja’s affiliate stores.
As a market with high internet and smartphone penetration, along with comparatively advanced payment solutions, Chile sets a solid ground for success in e-commerce endeavours. Through 14 years of earnest and persistent assimilation of the market, PayU wholly perceives the intricacies of the local e-commerce buying tendencies as well as the Chile-specific payment methods. A local entity is not always a requirement, talk to us to find out more.
Payment Methods Available in Chile With PayU
Credit and Debit Cards