# Chile — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/CL
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **TEF** 24/7 instant transfers (CCA)
- **MACH** 42% wallet preference
- **bip!QR** 1.6M public transport users
- **CPBV** unified payments (March 2024)
- **91%** have payment app installed

## Banking landscape

### Central Bank
- **Name:** Banco Central de Chile
- **Website:** https://www.bcentral.cl/
- **Role:** Monetary policy oversight

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | Banco de Chile | Private | Mi Banco App |
| 2 | Banco Santander | International | Santander App |
| 3 | BCI | Private | MACH |
| 4 | Banco Estado | State | BancoEstado App |
| 5 | Scotiabank | International | Scotia App |

### Market Structure
- **CCA:** Payment clearing
- **CMF:** Financial regulator
- **Fintech Law 2023:** Open banking
- **High digitization:** 91% app usage

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| TEF | CCA | 24/7 Instant | Active |
| CPBV | CCA | Unified (2024) | Active |
| Redcompra | Transbank | POS | Active |
| Card networks | Visa/MC | Cards | Active |

### TEF (Transferencias en Línea)
- CCA operated (private)
- 24/7 real-time transfers
- 21.24% CAGR (5 years)
- 19+ monthly transfers per person
- Bank-owned infrastructure

### CPBV (March 2024)
- Cámara de Compensación de Pagos de Bajo Valor
- Unifies payment channels
- Strengthens interoperability
- Modern infrastructure

---

## QR code standards

### QR Standardization Efforts

| Attribute | Value |
|-----------|-------|
| **Regulator** | CMF/Central Bank |
| **Focus** | Interoperability |
| **Standard** | Developing |
| **Adoption** | Growing |

### bip!QR (Transport)

| Attribute | Value |
|-----------|-------|
| **Launch** | 2022 |
| **Users** | 1.6M registered |
| **Usage** | 25% of transport |
| **Scope** | Metro/buses |

### Current QR Landscape
- Wallet-specific QR codes
- Interoperability rules imposed
- A2A transfer standardization
- Industry-led development

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| MACH | BCI | Yes | 42% preference |
| Fpay | Falabella | Yes | Retail focused |
| Mercado Pago | MercadoLibre | Yes | Commerce |
| Tenpo | Credicorp | Yes | Neobank |

### MACH Dominance
- 42% wallet preference
- BCI digital account
- Prepaid card included
- Online/ATM services
- Phone number transfers

### Fpay Features
- Falabella retail integration
- CMR points loyalty
- QR at Falabella, Tottus, Sodimac
- 2.3M customers migrating to bank

### Market Growth
- 91% have payment app
- 1,000% digital user growth
- 19+ monthly digital transfers
- Strong adoption rates

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [TEF](https://docs.barcoder.ai/docs/payments/CL/tef) | Instant | CCA | 24/7 | [`tef`](https://docs.barcoder.ai/docs/standards/tef) |
| [MACH](https://docs.barcoder.ai/docs/payments/CL/mach) | Wallet QR | BCI | 42% | [`mach`](https://docs.barcoder.ai/docs/standards/mach) |
| [bip!QR](https://docs.barcoder.ai/docs/payments/CL/bip-qr) | Transport QR | Metro | 1.6M | [`bip-qr`](https://docs.barcoder.ai/docs/standards/bip-qr) |

## Sources

- [World Bank - TEF Case Study](https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_Chile_TEF_Case_Study.pdf)
- [Payments CMI - Chile 2024](https://paymentscmi.com/insights/payments-ecommerce-trends-chile-2024/)
- [Tiendanube - Digital Wallets](https://www.tiendanube.com/blog/billeteras-digitales-en-chile/)
- [Fintechile - Mercado Pago](https://www.fintechile.org/noticias/mercado-pago-y-banco-security-firman-alianza-para-permitir-transferencias-en-linea)

## Full country report

[CL-chile.md](https://docs.barcoder.ai/docs/payments/CL)