Do Chileans pay in installments?
Yes, cuotas are standard with credit cards, often interest-free during promotions. For people without a credit card, BNPL is growing: Mercado Pago granted more than 2.5 million installment loans in its first year.
In detail
Yes, cuotas are standard with credit cards, often interest-free during promotions. For people without a credit card, BNPL is growing: Mercado Pago granted more than 2.5 million installment loans in its first year.
How cuotas work
At checkout, the shopper chooses the number of installments. Depending on the offer, installments may be interest-free, funded by the merchant or issuer, or carry interest set by the issuer. The merchant usually receives payment according to its acquiring agreement.
Why installments are so common
They make larger purchases affordable and are a long-standing habit in Latin America. Retailers use interest-free cuotas as a sales tool.
BNPL
For people without credit cards, BNPL providers and wallets offer installment loans at checkout. They extend installment buying to a wider population.
What shoppers expect
The installment selector at checkout is expected for larger purchases, online and in stores.
What it means for payment operators
For your merchants in Chile, installment options are part of a complete checkout. Local acquiring that supports cuotas, and BNPL options next to cards, help them convert larger purchases.