Apple Pay Arrival Boosts Chile Digital Wallet Usage
The introduction of Apple Pay in Chile in August 2023 has dramatically influenced the digital wallet landscape. Transbank, the country’s primary acquiring company, noted an over 1000% surge in NFC technology-based digital wallet usage since Apple Pay’s inception.
Participating banks have reported positive feedback with substantial customer engagement. Banco Falabella noted over 40% of their iOS users have registered their cards with Apple Pay, leading to a 33% increase in transactions among these users. Banco BICE and Itaú also reported significant upticks in digital wallet enrollments and transactions, with Banco BICE experiencing a 30-fold increase in digital wallet transactions this year.
The widespread adoption of Apple Pay marks a significant shift in payment methods, reflecting a broader global trend towards digital wallets. Transbank predicts a continued rise in digital wallet usage, expecting it to account for over 50% of global e-commerce transactions within the next three years. Moreover, the average amounts spent by Chileans using online QR-based digital wallets are three times that of those using NFC technology in person, indicating a robust growth trajectory for the sector.
This surge is set against a backdrop of increasing mobile device participation in e-commerce, projected to rise from 56% in 2018 to 62% by 2027.
