What is happening in Chile today anticipates what is coming for the rest of the region.
A highly connected market, with digital consumers and rapid technology adoption, is pushing the payments ecosystem toward a new level of sophistication and scale.
A conversation with Alfredo Ureta, Commercial Head at Evertec Chile, on the challenges,
Since taking on your role at Evertec Chile, what has been your main focus, and how do you see the Chilean market today?
The Chilean payments and financial technology market is extremely dynamic. In recent years, we have seen the entry of multiple players—both in issuing, acquiring, and technology solutions—which has created a highly competitive and constantly evolving environment.
Large merchants are beginning to incorporate open acquiring into their operations and, at the same time, are showing strong interest in adding modern technologies under multi acquirer models.
In this context, my main focus has been to drive high quality solutions with fast response times, operational continuity, and best in class customer support. Today more than ever, service reliability is critical.
Chile is a mature and highly competitive market. Where do you see the main challenges today for issuers, acquirers, and merchants?
The main challenge today is adopting technologies that align with increasingly demanding user expectations. Chile has one of the highest connectivity rates in the region, which has given rise to a digitally sophisticated, informed, and demanding consumer who expects payment experiences that are simple, fast, and secure.
This is not new. We have seen it consistently over time: first, with the widespread adoption of electronic funds transfers (TEF), driven by the immediacy standards established in 2007 and whose adoption gained momentum starting in 2008. Then, with the implementation of the PINPASS system, which became mandatory in May 2010 to strengthen card payment security. Later, with the rapid penetration of contactless technologies beginning in 2018. This was followed by the historic boom in e commerce between 2020 and 2022, driven by health restrictions—a period in which online sales grew rapidly and reached an all time high in 2021 (US$11.967 billion), according to the E Commerce Committee of the Santiago Chamber of Commerce (CCS)..
Added to this today is the sustained growth of payments made from mobile devices, beyond the traditional web channel. In all these cases, the Chilean market has demonstrated a high speed of adoption, as long as the technology delivers real value to merchants and translates into a better experience for the end user.
From a regional perspective, this behavior not only positions Chile as an advanced and sophisticated market, but also as a benchmark for the rest of Latin America. Solutions that work well here tend to be scalable and replicable in other markets with similar levels of development or that are undergoing transformation.
Therefore, the major challenge for issuers, acquirers, banks, and merchants is not just to adopt modern technologies, but to do so correctly integrating them in a simple, secure, and reliable way, with a strong focus on the end user experience. Evertec plays a key role within the ecosystem as a technology enabler, combining regional experience, local knowledge, and execution capabilities to support clients throughout this evolution process.
From the merchant’s perspective, what is most in demand today, and how can Evertec respond to that need?
Businesses are primarily demanding high transactional connectivity, the incorporation of new technologies, and speed in reconciliation and collection of funds. They need to operate smoothly, with high levels of operational continuity and the certainty that their transactions are processed in a stable and reliable manner, even during periods of high demand such as Black Friday, CyberDays, or the holiday season.
Today, any interruption or delay has a direct impact on both the customer experience and business results.
For this reason, platforms such as PayStudio allow merchants to operate under multi-acquirer schemes, ensure operational continuity, and manage their payment flows in a simple and scalable way, reducing operational friction and improving the end-user experience.
In response to these needs, technology is establishing itself as a key enabler through robust integrations, agile solutions, and risk management tools that allow merchants to operate securely and efficiently. This translates into greater confidence for the market and a smooth and consistent payment experience for the end consumer.
What technology trends do you see as most relevant in the payments market today?
One of the main trends is multi acquiring. Increasingly, large merchants are seeking to connect with multiple acquirers, which allows them to ensure operational continuity, reduce dependencies, optimize costs, and evolve in an increasingly competitive environment. In this context, Chile has an advanced payments ecosystem, which has become a key factor for business resilience and continuity.
We also see strong demand for simpler and more agile payment and collection solutions, with fast integrations, lower friction technologies, reduced operational burden, and automatic updates. Clients value platforms that allow them to operate efficiently, without technical complexity, and that adapt quickly to market changes. All of this is aimed at improving the payment and collection experience for both merchants and consumers.
At the same time, transactional security security remains a fundamental pillar of the ecosystem. Added to this is a growing interest in the use of advanced analytics and artificial intelligence as tools to anticipate risks, optimize processes, and gain deeper business insights in an environment where scale and speed require increasingly informed decision making.
What is Evertec doing in artificial intelligence?
At Evertec, we are already implementing artificial intelligence solutions across multiple fronts. We offer consulting services that support companies in their cloud migration processes, as well as customer service solutions that incorporate AI, in partnership with Nubity. These allow for real time monitoring and optimization of technology infrastructures through intelligent automation. Additionally, we integrate advanced analytics capabilities into platforms such as RiskCenter360, which uses AI models to support organizations in detecting, assessing, and managing operational, regulatory, and fraud risks.
Our focus is on applying these capabilities in a practical and cross functional way, integrating them into key components of our solutions to support clients in operational management, data analysis, and decision making—always with a scalable, practical approach aligned with real business needs.
How does Evertec’s regional experience contribute to the Chilean market?
The main contribution is that Evertec brings to the Chilean market knowledge and technology developed across different countries in the region. At the same time, what is developed in Chile also feeds back into the broader regional ecosystem, generating significant and scalable synergies.
Chile is a highly technologically advanced market and an ideal ecosystem for testing and scaling innovation. Many solutions developed here can be exported and adapted to meet the needs of other countries. One example is the development of payment and collection solutions that are now being deployed in markets such as Colombia, Peru, and Puerto Rico, among others. At the same time, we incorporate learnings and technologies from markets such as Brazil, Puerto Rico, and Costa Rica, which allows us to continue strengthening our local and regional value proposition to support our clients through the constant technological evolution we are experiencing. For this reason, Evertec is a technology partner that supports the needs of different markets, our clients, and consumers alike.
