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.
