"Financial Cards and Payments in Chile" is now available at Fast Market Research

Debit cards holds the lead growth terms during 2015

Debit cards in Chile maintained its lead in terms of growth in cards in circulation, number of accounts and transaction value during 2015. Payment through debit card has been becoming increasingly popular amongst consumers, due to the proliferation of POS, the convenience of cards and the sense of safety that consumers feel by carrying no cash. Despite several breaches in safety in the debit cards system in the country, banks and financial institutions that issue debit cards have been taking several safety-oriented measures; most noticeably the implementation of EMV cards with built-in chips which help to avoid skimming and data theft.

Banco Santander leads the market

Although standing behind Banco del Estado and Falabella in terms of number of cards in circulation, Banco Santander leads the field in terms of transaction value in Chile, due to its large presence in both credit and debit cards in the Chilean market, extended marketing and advertising in the mass media and constant offers for credit and accounts for current and potential customers.

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Economic deceleration in Chile impacts growth

Despite financial cards and payments in Chile seeing healthy growth rates in 2015, the economic deceleration cycle that has been negatively impacting the Chilean economy since early 2014 also negatively impacted the growth rate for transaction value in financial cards during 2015, posting slower growth than in the previous year.

ATMs affected by crime and higher costs

After growing every year between 2005 and 2012, the number of ATMs continued to decrease in 2015. Amongst the reasons for this were the increasing use of debit cards and credit cards for payments, the increasing number of people using the internet to pay bills, make purchases and transfer money to other people, and the higher costs required to install and maintain these machines, which are targeted by criminals. At the end of 2014 Transbank was working on a campaign that aims to increase the number of retailers that offer cashback, and to increase the maximum cashback transaction amount. Banks were also being forced to enhance their ATM security barriers to avoid theft.

Stable but slower growth expected

Transaction value is expected to post healthy growth over the forecast period at constant 2015 prices, although at a slower pace than the growth rate recorded over the review period. This will be due mostly to the economic deceleration that is currently affecting the national economy, which is expected to drag over into 2016, as there are still not enough signs of recovery on the horizon.Report Overview

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