StarsPay understands the globalized world and the importance of giving its customers access to the largest consumer markets possible. This is why the company has expanded to some of the most promising countries in Latin America, serving Chile, Peru, and Colombia, as well as the giants Brazil and Mexico. Serving companies in the iGaming, Gaming, Exchanges, and eCommerce sectors, StarsPay can be your gateway to users seeking convenience and security when making payments and online transfers.
Looking to expand and maximize the promising Chilean market? Click here to get in touch with StarsPay.
In Chile, the current situation is quite promising in the four sectors we serve. With a population of over 19.6 million people, the country ranks seventh in size in Latin America. On the other hand, according to IMF (International Monetary Fund) projections for 2023, Chile boasts an economy worth $344 billion, the fifth largest in the region. In the HDI (Human Development Index) ranking, Chileans stand out, ranking 44th in the world in the most recent update, the highest position among Latin American countries.
Chile by the numbers
In iGaming, there are expectations of growth in the coming years. Currently, betting is allowed in the country but through monopolies. In 2023, Chile’s Chamber of Deputies passed a bill aimed at regulating online gaming in the country and ending the monopoly. The debate has now reached the Senate, where the bill has undergone changes. Discussions continue, with expectations for developments in 2025. In Chile’s live casinos, 2023 saw a 9.1% revenue increase, reaching around $470 million, a record for the sector in the country, clearly showing Chileans’ interest in betting.
The gaming sector has shown consistent growth in recent years. According to Statista, market revenue rose from $209 million in 2017 to $918 million in 2023. The research company projects a 7.77% annual growth until 2029, when the sector is expected to reach $1.48 billion in revenue. In the mobile gaming market, Chile recorded an impressive statistic. A study by Adjust revealed a 35% increase in the number of installed gaming apps in the country between the second half of 2022 and the first half of 2023. This growth rate was the highest in Latin America, which saw an overall 7% increase in app installations and sessions, while Mexico ranked second with 14%.
Chile also stands out in online shopping. ECDB (eCommerce Database) numbers rank the country as the 33rd largest globally in this sector, with a projected sales volume of over $9.5 billion in 2024, a 6.8% increase from the previous year. The institution also predicts an annual growth of 8.6% until 2028, reaching $13.2 billion in revenue. Among Chile’s eCommerce markets, electronics lead with 26.1% of revenue, followed by fashion at 22.8%. A report by Mordor Intelligence revealed that mobile data penetration reached 100% in the country in 2020, which boosted digital sales. Additionally, another trend pointed out by the company was the increased use of credit and debit cards for purchases.
The StarsPay difference
For companies already operating in Brazil or Mexico, for example, the numbers make it clear why Chile is an excellent opportunity to expand their horizons. However, the process can become expensive and bureaucratic if the choice is to establish a local entity, requiring a thorough understanding of all the country’s regulations and processes. Fortunately, StarsPay can simplify this entire process for you. Through our API, your company can receive payments from Chileans securely and efficiently.
With a single integration, customers in the country can pay using their most common methods and in Chilean pesos (CLP). Meanwhile, your company receives payments in its local currency, with great cost-benefit and the agility needed for optimized cash flow. With our instant payment processing, cross-border, and KYC services, it’s easy to open doors to Chilean customers and tap into a market with impressive numbers and potential for the coming years.
In addition, you’ll benefit from zero chargebacks, fraud prevention for local transactions, 24/7 bilingual support, cashback, and the best exchange rates. All this ensures your company doesn’t have to worry about the payment side, which is so crucial for converting new customers and directly impacts your numbers and the quality of the user experience.
Contact the StarsPay sales team now at [email protected] and find out how we can make a difference for your business.
