The use of digital wallets in Chile has experienced an explosive growth of 530%, marking a significant milestone in how Chileans consume and make payments.
This notable increase follows the launch of Apple Pay on August 8 and the inclusion of payment options through phones and smartwatches with technologies like Apple Pay, Google Wallet, Fitbit Pay, and Garmin Pay.
The electronic payment company Transbank indicated that this increase reflects a new and improved payment experience, along with exponential growth in the adoption of digital wallets in Chile, aligning with global trends.
When examining the type of card used, the largest increase was observed in the use of debit cards, which saw an increase of over 1,000%, while credit card usage increased by over 260%. In terms of sales volume (transaction amount), the total use of digital wallets experienced a growth of 420%.
Transbank reported that this growth of over five times is attributed to the use of digital wallets on Transbank devices, such as phones and smartwatches. The introduction of this new wallet form in Chile has boosted the usage of all existing digital wallets in the country.
Consequently, the utilization of Near Field Communication (NFC) technology has significantly increased in Chile. This technology forms the basis of wallets like Google Wallet, Fitbit Pay, and Garmin Pay, allowing for payments without the need to take or carry the physical card, simply by bringing the phone or watch close.
“Bringing this technology to all businesses and card users in the country has enabled Chileans to experience quick and secure payments.”
“Digital wallets have been present in our industry for several years; however, the recent introduction of this wallet into the Transbank ecosystem marks the milestone of the consolidation of digital wallet usage in our country,” explained Paola Ledezma, Manager of the Product and Innovation Division at Transbank.