When we look closer at the world map, Chile, officially the Republic of Chile, is a narrow but long land. As a South American country, it has much more than meets the eye between the massive Pacific Ocean and the Mighty Andes. Before diving deep into the payment options in Chile, knowing the unique culture in this astonishing land may shape a view in our minds regarding the lifestyle, spending patterns, apprehensions and anticipations of Chile.
Por la razón o la fuerza! (“By reason or by force”)
Welcome to the land of the poets! Chile is an excellent symbol of admiration in poetry. For any bookworm, the most well-deserved Nobel Prizes are the first things that come to mind if talking about Chile. Nobel winners Pablo Neruda and Gabriela Mistral are only some of the names whose fame overpassed the borders of Chile and became globally known and admired by millions of readers.
There is no doubt that Chilean poetry has been and will always be under the repertoire of aesthetes. Isabel Allende, the author of the House of the Spirits- an all-time global best-seller novel- is a globally significant name that shaped the feminist movement dramatically. These may be the symbols of Chile for a great majority; however, Chile has a lot of other unique qualities, and without knowing them, it wouldn’t be possible to evaluate the commercial reflexes of the country.
Chile is a South American country with a multicultural history and background. Chile has an inclusive atmosphere with half European and half Native American descent. As a former Spanish colony, the official language of Chile is Spanish, which is widely spoken globally.
According to data, the country is a developing country with a high-income economy and a very safe place because it is the second country in America, following Canada, in homicide rates. So, whether you want to visit Chile for vacation or desire to expand your business transaction to the country, you may go ahead with peace in mind.
The economy of Chile depends mainly on mineral resources, tourism because of its extreme natural beauty, and agriculture. Cherry, blueberry, salmon, grape, apple, kiwi, peach, plum, hazelnut, pear, onion, wheat, maise, oats, and numerous other agricultural products are only some of the examples reflecting the country’s great potential. As an inevitable result of this wide variety of products, Chile is one of the major players in the international trade market.
Thus, in today’s globalised and digitalised world, questions regarding online payment methods and practices in Chile appear in our minds. To have a closer look at the payment options in Chile, we will have a closer look at some of the demographical data since the correlation between these two concepts is closely interlinked.
What are the Different Types of E-commerce Payment Methods in Chile?
A comfort zone is both a blessing and a curse. We like everything to remain the same, but at the same time, we look for something brand new to eliminate the boredom of everyday life. Therefore, just like every action, e-commerce payment methods also depend on society’s preferences, so essential data should be considered while evaluating the payment methods.
- According to data from January 2022, the population of Chile is 19.23 million, and nearly 88% of it lives in urban areas. Only 62.4 % of the population is below 44 years old, and the median age of the population is 36.3 indicating a young population. As it can be seen, the percentage of internet natives is higher than internet immigrants in Chile, which will directly affect the preferred payment options in Chile as well as the most popular e-commerce payment methods in Chile.
- Chile has an excellent internet penetration rate of 92%! That means almost everyone has internet access, so e-commerce and online shopping payment options in Chile constitute a part of daily life.
- Another remarkable outcome of the data reveals that mobile connections in Chile are equal to 136.0% of the population. This disproportionate number may derive from people’s preferences for having more than one mobile number for personal and business purposes.
Obviously, Chile is a highly digitised country that affects the payment methods in the e-commerce sector, bringing a vast variety to the table. So let’s have a closer look at each of them!
- Credit Cards in Chile
According to the data of Dlocal, online shoppers in Chile frequently use credit cards as a means of payment. At the top of this subject list, international credit cards are present with a rate of 35% of the total transactions on online shopping sites. Domestic credit cards follow the international ones with a 25% market share. On the third level but sharing the same percentage with the domestic credit cards, the debit cards show themselves on e-commerce transactions. So, a total of 85% of the e-commerce payment market is dominated by credit cards and debit cards.
10% of the e-shoppers still prefer to use cash, whereas 3% use bank transfers as their preferred tool. The remaining 2% is split among the remaining other options. As a highly developed country in economics, Chile is also very open to using appropriate new payment methods. Now, we will slowly move to the digital wallets situation in Chile.
- Digital Wallets in Chile
Especially with the effect of the chaotic pandemic days of Covid-19, the Chilean population showed a great interest in e-Shopping and experienced new payment methods during this period. In 2020, digital wallet usage increased 32%, with a volume exceeding 400 million USD.
Chileans know how crucial and necessary safety is when purchasing online on a platform which handles all personal data from your permanent address and full name to your card number. Digital wallets are like double-secure payment methods encrypting all the data through their operations. Therefore, it is not surprising why most of the world is apt to own one to utilise safety and functionality on the Internet. With its high internet penetration capacity and young population, the tendency to shop online and use e-wallets will soon increase even more in Chile.
- Cryptocurrencies in Chile
Unlike many other countries, Chile does not imply any restrictions on cryptocurrencies. Additionally, in 2021 a proposal has been introduced to congress to accept Bitcoin and other cryptocurrencies as legal payment means. As a result of this approach, there are numerous cryptocurrency exchange platforms in Chile, including but not limited to eToro, Kraken, FTX, Coinmama, Paxful, Binance, Changelly, and innumerable others.
The estimated percentage of crypto asset owners or traders is around 2.6% referring to nearly 500 thousand people. So, if you plan to take a trip to Chile for leisure or to be in Chile for trade purposes, you will encounter zero difficulties in finding a suitable payment method for yourself in daily life and e-shopping. That will leave you room to enjoy your experience in Chile, the country of the poets, and appreciate the beauty of the country. Just like Mistral once said, “Love beauty, it is the shadow of God on the universe.”
Jeton Wallet for Chile!
We understand the impediments a consumer may undergo unless they are a national of Chile with the ability to open a bank account. Since Chile does not let foreigners make a bank account when they do not hold a residence card, rather than messing with a perplexed documentation process and days of lingering, isn’t it more ingenious to consider a steadfast digital wallet account professionalised in LATAM countries, such as Jeton Wallet?
We have structured a state-of-art digital wallet, Jeton Wallet, which can be a life redeemer for those stumbling with security issues and residence cards. You can own your Jeton Wallet account through some clicks in a couple of hours. All you need is to visit jeton.com and complete the signup process.
With our well-equipped benefits, you will experience a unique selection of payment methods. Transferring money overseas via over 70 payment methods and +50 fiat currencies, including Chilean Peso, will alter all your perspectives about online payments. Straightforward transaction processes, downhill regulations, and inexpensive fees. No need to remind you that we never charge our users for transactions among two Jeton Wallet members! Amazing! Right?
To meet outstanding Jeton Wallet services, you can always visit our descriptive website and talk to our skilled live customer service representatives. Together, we can open an inventive, dependable and unassailable path for your online e-commerce venture.