Chile Cards And Payments Market Statistics, Trends, Industry Growth
In terms of the number of cards in circulation, Chile Cards and Payments channel grew at a compound annual growth rate (CAGR) of 15.80% during the review period. The channel is expected to grow at a CAGR of 7.16% over the forecast period. The prepaid card category, which is expected to occupy 33.2% of the overall card payments channel in 2018 in terms of volume of cards, is expected to have the highest growth potential with a CAGR of 10.83%. The debit card category is also expected to grow positively at a forecast-period CAGR of 5.67%.
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High mobile phone penetration offers growth potential for mobile and NFC payments
By the end of December 2012, mobile penetration in Chile reached 150%, of which web-enabled smartphones accounted for 25%. Mobile penetration growth provides significant potential for contactless mobile payments. The scope of near field communication (NFC) payments is also expected to increase in Chile, due to a rise in smartphone penetration. According to Chilean telecommunications company Entel, the sale of smartphones is expected to increase from 353 million units in 2011 to 606 million by 2015.
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Social commerce used as a platform for selling and marketing payment cards
Large-scale retail outlets and department stores are using social commerce platforms to expand their cards businesses. Outlets such as Jumbo Cencosud issue gift cards that can be used for online purchases through Facebook accounts. Issuers also use blogs and social network platforms to market their store cards. There were more than 8 million Facebook users in Chile, and social networking sites are gaining popularity as the number of internet users in the country increases
Some of the Dominating players in the Market:
- BancoEstado
- Banco de Chile
- Santander Chile
- Banco de Crédito e Inversiones
- Banco Falabella
- CAT Administradora de tarjetas
- Banco Itaú Chile
- Redcompra
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