🎉 Chile🇨🇱: local banks prepare to launch an instant payment system inspired by Brazil's Pix

🎉 Chile🇨🇱: local banks prepare to launch an instant payment system inspired by Brazil's Pix

The project has been under development for one year, with its launch scheduled for the coming months.

💫 The platform does not yet have a commercial name, although it is reported to be in an advanced stage of development.

💫 The main objective is to expand the use of payment aliases and QR codes to facilitate transactions.

💫 Unlike Brazil’s model, the Central Bank of Chile is not directly involved in developing the system. Instead, the initiative is being led by private institutions, in a similar way to the development of Bizum in Spain🇪🇸.

💫 The participating banks have brought two consulting firms into the project: a legal advisor, responsible for ensuring compliance with competition regulations, and a technical advisor, responsible for guaranteeing system interoperability. Their cooperation is being conducted under a memorandum of understanding.

💫 Context:

🎤 According to the Central Bank of Chile’s 2025 survey on cash usage and payment preferences, the most widely used payment method in the country is the debit card, primarily Mastercard, preferred by 81% of respondents. It is followed by cash (64%) and bank transfers (60%).

🎤 In 2008, Chile became one of the first countries to implement interbank transfers with immediate settlement. The current system, known as TEF, remains widely used but was not designed for retail payments. In addition, users must manually enter much of the recipient’s banking information when making a transfer.

🎤 Between March 2024 and March 2025, individuals carried out 989 million electronic transfers, with a total value of USD 246.414 billion, equivalent to 72% of GDP.

🎤 During the same period, the volume of digital payment transactions — including electronic transfers and payment cards — reached 110% of GDP, while debit cards remained the most widely used payment instrument.

💫 The launch date of the new system will depend on recommendations that the Central Bank of Chile is expected to publish during the second half of 2026.

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