Can online shoppers in Chile pay by bank transfer?

Yes. Pay-by-bank providers such as Khipu and Fintoc let shoppers pay from any Chilean bank, and Khipu alone reports more than 4 million transactions a month. Regulated payment initiation under open finance is scheduled from July 2028 for individuals.

How pay-by-bank works today

The shopper selects their bank at checkout and authorizes a transfer. The provider confirms the payment to the merchant once the transfer is made. Transfers between Chilean banks are fast, which makes this practical for e-commerce.

Why shoppers use it

• No card needed, which suits people with only a bank account.
• No card limits for larger amounts.
• Familiar bank authentication.

Open finance

Chile's Fintech Law created a framework for open finance. The CMF set a phased schedule, with payment initiation for individuals planned for 2028, which should standardize these services.

For merchants

Pay-by-bank often costs less than cards and confirms quickly, but refunds and disputes follow different processes.

What it means for payment operators

For your merchants in Chile, pay-by-bank is a strong complement to cards. Access to local providers and payment rails through one platform, with reconciliation, adds it without new integrations.