The Central Bank of Chile wants an instant payment system between people and merchants using QR codes, colloquially called the "Chilean Pix" after the system the Central Bank of Brazil built, and its president Rosanna Costa on Thursday set out the elements the bank is analysing before the system is put in place.
Speaking at the ChilePay Conecta 2026 seminar, Costa said the system should offer payment options people can use across a wide network of merchants, whatever account providers those merchants use. A system of immediate payments with proper governance that is safe, accessible, robust and interoperable has to be developed, she said, and regulation is needed to support it.
RULES, ACCESS AND ALIASES
One of the key elements of the regulation will be to define a governance scheme and set standards, Costa said. Clear rules and responsibilities on access, dispute resolution and the handling of charges and chargebacks were among the main issues the industry raised in the working groups.
Regulating the firms that will offer merchants acceptance of the new payments, and take on payment obligations towards them as card operators do today, is also important, Costa said. The rules on card issuance and operation will have to be reviewed, including the framework for payment initiators that hold funds, a mandate the bank received under the Fintec Law.
FAST TRANSFERS, FEW SHOP PAYMENTS
Chile was a world pioneer in enabling interbank transfers with immediate availability of funds in 2008. Yet 76% of interbank transfers were payments between individuals and only 10% were used for payments from people to businesses, the central bank said in August.
The central bank's 2026 payment systems report, published on 5 August 2026, found that the number of payments rose 15% from the previous report to an average of 435 digital payments a year per person over 15. Electronic funds transfers also grew 15%, but their use for paying merchants is still limited. Costa said at the launch that the bank would consult on regulation to strengthen the instant payment system and ease the use of transfers in payments to merchants.
The Central Bank of Chile has said that, in contrast with what happened in Brazil with Pix, it will not build such a payment method itself. As of August, banks had been working for about a year on a joint project, according to industry sources, under a protocol that includes the private banks and BancoEstado. They plan for aliases to be chosen from a mobile number, the RUT tax identification number, an email address or a nickname.
THE TGB VIEW
Interoperability matters more in a market this concentrated: according to the TGB market profile, Bci, Santander Chile, BancoEstado and Banco de Chile held 63.5% of system assets in July 2026, and the six largest 85.2%, among 17 institutions. Bci ranks 39th in TGB's Largest banks in the Americas 2026 table, with US$89.5bn of total assets and a 13.4% return on equity at end-2025. Costa's call for users to own their aliases and for access to be non-discriminatory is therefore a test for the largest banks, which hold most of the system's assets.
Related: Central Bank of Chile holds monetary policy rate at 4.5% unanimously in July
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