17/10/2023
Chile
Investor Relations
Transbank: NFC digital wallet payments to grow over 1,000% by 2023
26/04/2024
2 min
• Likewise, payments using QR code wallets grew by 130% over the previous year, driven by the widespread growth of online shopping.
Santiago, February 2024.- The payments ecosystem in Chile experienced a turning point in 2023 with the explosive growth and consolidation of digital wallets, solidifying themselves as an alternative adopted market-wide by local consumers.
According to figures from Transbank, the country's main acquirer, during the year there was an unprecedented increase of more than 1,000% year-on-year in the use of digital wallets to make in-person payments using NFC (near-field communication) technology at merchants belonging to its network.
Likewise, electronic payments using QR (quick response) code wallets grew by 130% over the previous year, driven by the widespread growth of online shopping.
Paola Ledezma, Transbank's Products and Innovation Division Manager, noted that "the unprecedented growth seen in 2023, positions Chile as a regional benchmark in digital payments and brings us closer to global levels, where forecasts predict that more than 50% of retail transactions will be made using mobile wallets by 2025."
Specifically, during 2023 Transbank observed a 55% increase in transactions using the digital wallets of its main e-commerce clients. At the same time, the average value of online purchases with QR codes tripled those made in person using NFC.
This historical record can be explained by several factors, starting with the August arrival of the popular Apple Pay service from US-based Apple Inc., which marked a turning point for large-scale adoption among Chilean users. The sustained growth of e-commerce, which facilitated the contactless payment experience offered by digital wallets, also played a key role.
Another relevant factor was the incorporation of new generations of consumers already familiar with technology and mobile payments via smartphones.
"We are very pleased with Transbank’s leadership in this process of widespread growth of digital wallets. We currently accept 13 solutions through our network, which has allowed more Chileans to access this type of contactless payment and new ways of paying and shopping in line with global trends," added Ledezma.
According to figures from Transbank, the country's main acquirer, during the year there was an unprecedented increase of more than 1,000% year-on-year in the use of digital wallets to make in-person payments using NFC (near-field communication) technology at merchants belonging to its network.
Likewise, electronic payments using QR (quick response) code wallets grew by 130% over the previous year, driven by the widespread growth of online shopping.
Paola Ledezma, Transbank's Products and Innovation Division Manager, noted that "the unprecedented growth seen in 2023, positions Chile as a regional benchmark in digital payments and brings us closer to global levels, where forecasts predict that more than 50% of retail transactions will be made using mobile wallets by 2025."
Specifically, during 2023 Transbank observed a 55% increase in transactions using the digital wallets of its main e-commerce clients. At the same time, the average value of online purchases with QR codes tripled those made in person using NFC.
This historical record can be explained by several factors, starting with the August arrival of the popular Apple Pay service from US-based Apple Inc., which marked a turning point for large-scale adoption among Chilean users. The sustained growth of e-commerce, which facilitated the contactless payment experience offered by digital wallets, also played a key role.
Another relevant factor was the incorporation of new generations of consumers already familiar with technology and mobile payments via smartphones.
"We are very pleased with Transbank’s leadership in this process of widespread growth of digital wallets. We currently accept 13 solutions through our network, which has allowed more Chileans to access this type of contactless payment and new ways of paying and shopping in line with global trends," added Ledezma.
Investor Relations