By Jose Luis Portilla, VP Finance & LATAM Controller at Evertec
In Chile, the use of digital payment methods is already part of everyday life: more than 80% of in-person transactions are made using cards and contactless technologies, while e-commerce reached USD $11.5 billion in 2024.
In major cities like Santiago, Valparaíso, and Concepción, online payment methods are essential to commerce. A smartphone is all it takes to pay for a coffee, reload your Bip! card, or split a restaurant bill. These processes are quick, secure, and second nature to many. But just a few kilometers outside the capital, the picture changes.
In many rural areas and smaller towns, cash is still king. And it’s not just a matter of habit, but of infrastructure: poor mobile connectivity, lack of digital infrastructure, and in some cases, distrust in digital payments. For some generations, a bill you can hold and touch still feels more secure than an invisible transaction made through a phone or card. So, is it truly likely that cash could disappear in Chile before 2030?
In this context, the digital divide is clear—and the real challenge is to ensure that the transition to digital payments is genuinely inclusive. No Chilean should be left behind due to lack of mobile coverage, economic limitations, or age. One thing is clear: technology moves far faster than inclusion.
Adopting digital payments means greater security, better financial control, and increased convenience for everyone. It helps track spending, allows for near-instant transactions, and reduces the risks of handling large amounts of cash. But this progress must not become a new form of exclusion. This is where companies like Evertec step in—not just as observers, but as key players in this transformation.
Technology alone is not enough. At Evertec, we understand this challenge, which is why we partner with nonprofit organizations such as ChilePay to promote financial inclusion. Together, we work to help more businesses and SMEs across Chile access digital payment solutions, overcome technological barriers, and discover the benefits. The goal is to reduce fear around digitalization and show how adopting electronic payments can boost sales.
The aim is not just to modernize the way businesses accept payments—but also to enhance customer experience and unlock new opportunities that once seemed impossible for small shops in neighborhoods across the country. All of this, backed by a firm commitment to security in every transaction.
EMV authentication, biometric validation, and real-time anti-fraud monitoring are just a few of the measures now aligned with Chile’s new Cybersecurity Framework Law and the Central Bank’s requirements. Because if we want people to trust, that trust must be built on actions and clear rules—not just promises.
Will Chile be able to leave cash behind by 2030?
Maybe. But if it happens, it won’t just be because of new technologies. It will be the result of something deeper: a cultural shift in how we pay, where going cashless is no longer a privilege of major cities—but a real option for everyone, from Visviri to Puerto Toro.
