Dawn of the QR Code in Chile’s Payments Market
An objective of governments in Latin America is boosting digital payments.
A drop in the use of cash brings various benefits in areas such as security, financial crime reduction, tax collection rates and minting costs.
Efforts are underway to raise levels of financial inclusion which will, in turn, result in more people using non-cash means of payment.
Just as important, however, is developing the payments infrastructure to ensure that a larger proportion of consumers – particularly those who live outside urban areas – can actually make digital payments for goods and services.
Regional financial inclusion leader Chile is advancing along this highway but has some distance to travel as around 900,000 merchants and service providers – such as taxi drivers and market vendors – remain underserved.
Photo courtesy of mohamed_hasan.