According to a report by Statista, the number of digital wallet users in the region is projected to exceed 300 million by 2025. Chile has been no exception: a study by the Santiago Chamber of Commerce reveals that 65% of digital consumers in the country already use this type of solution to make daily payments.
However, this phenomenon should be analyzed from several perspectives. Like digital payments, at the time, virtual wallets follow the common factor of generating greater financial inclusion. By breaking down barriers to access, more banking services are available to a larger percentage of the population, eliminating traditional gaps and barriers to entry, such as the need to maintain a minimum balance or have a bank account.
The boom is not only in response to the digitization of payments, but is also facilitating access in sectors historically underserved by traditional banking, such as rural areas and lower-income groups.
Platforms such as Google Wallet, Apple Wallet and other similar financial applications, such as Mercado Pago, Mach, Tenpo, BE Pay, among others, have introduced accessible and secure tools in Chile, gaining ground thanks to their commission-free services and their focus on agile user experiences, which reduce the gap to access digital banking.
Likewise, the Latin American consumer has changed its purchasing and financial consumption habits significantly, with one of the main consequences being a greater participation in the economic system. According to the World Bank, 55% of adults in Latin America do not have access to a formal bank account, but do have access to a smartphone. On the other hand, we see more fintechs offering microcredit directly from their platforms, based on transaction histories. Thus, they have been expanding access to credit in underserved sectors.
Another relevant aspect is the user experience, where simplicity and speed are key. New consumers, especially Millennials and Generation Z, value instant transactions and a simpler, more intuitive experience: in Chile, 70% of digital wallet users say that ease of use is the main reason for adopting these technologies.
Finally, digital wallets have driven a shift towards e-commerce, favoring new consumption habits. In 2023, more than 50% of online purchases in Latin America will use digital wallets, according to a report by Americas Market Intelligence. This behavior has also benefited small businesses, which now compete on equal terms with large retailers, thanks to the acceptance of digital payments.
On the horizon, progress toward integrating AI into account, savings and expense management is expected. However, to make this change sustainable, it requires all market players – banks and financial institutions, businesses, governments, users and technology support companies – to become secure, reliable, properly regulated and resilient platforms.
In Chile, with the current pace of adoption and technological advances, it is highly likely that digital wallets will not only consolidate as an essential payment tool, but also drive new business models and greater financial inclusion.