Chile Profile: Chile Cashless Payments Continue to Gain Traction

12 Nov, 2020 . 4 minutes

Chile’s population was estimated at 19.1 million in May 2020. The average highest online spending was from the age group of 25 years to 34 years at 27.5 percent last year. Ecommerce has been growing at a steady pace since 2019. B2C users could grow 7.5 percent year on year and are expected to increase to 11.2 million users in 2020.

Internet penetration in Chile rose to 82 percent in early 2020. B2C ecommerce users were spending an average of US$653.9 per user and were expected to make total transactions of as much as US$7.33 billion by the fourth quarter of 2020. By the end of March 45 percent of shoppers said it had to buy online because of Covid-19.

The country's online market remains challenging because consumers are afraid of fraud. However, the market is growing and bringing cashless payments with it. Since 2018, card payments had the fastest growth compared with bank transfers, cash and digital wallets. Since more Chilean shoppers are buying online through their desktops and mobiles as a result of the virus, operators need to simplify payment processes.

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