Overview:

In terms of the number of cards in circulation, Chile’s card payments channel grew at a compound annual growth rate (CAGR) of 15.80% during the review period. The channel is expected to grow at a CAGR of 7.16% over the forecast period. The prepaid card category, which is expected to occupy 33.2% of the overall card payments channel in 2018 in terms of volume of cards, is expected to have the highest growth potential with a CAGR of 10.83%. The debit card category is also expected to grow positively at a forecast-period CAGR of 5.67%.   

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Issuance of CuentaRut results in positive growth for the debit card category

CuentaRut accounts are expected to foster positive growth in the debit card category over the forecast period. CuentaRut, issued by BancoEstado, is a scheme that provides bank accounts to all Chileans. Minimal documentation associated with the scheme and its availability to the entire population accounted for its success. The ease of opening an account, either in person, over the telephone or internet, or through banking agents also contributed. Account holders are issued with debit cards, which are expected to increase the volume and value growth of the debit card category over the forecast period. 

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Growth of closed-loop cards to positively influence the prepaid card category

The growth of closed-loop prepaid cards is expected to be a major driver of growth in the prepaid card category. Closed-loop prepaid cards include gift cards and prepaid store cards issued by retail outlets. Closed-loop prepaid store cards are used by customers to make regular retail purchases, and are therefore expected to contribute to the growth of the transaction value of the overall prepaid category.

Branchless banking models to increase the volume of bank-issued cards over the forecast period

Branchless banking is expected to increase the volume of payment cards over the forecast period. For instance, BancoEstado offers its services through Caja Vecinas banking terminals, allowing it to serve the Chilean population over extended hours, including Saturday and Sunday. This channel differentiates the bank from others that normally operate five hours per day, five days a week. Caja Vecinas offers all normal banking products, and enables people living in remote areas to conduct transactions through POS terminals installed in retail stores. Caja Venicas is expected to play a major role in taking card-based payments to the country’s rural population.

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