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Retailer Payments, Banking, Insurance and Assistance in Chile investigates the market for financial services organised by over 60 major retail brands in Chile. As well as examining their initiatives in payment cards, banking products, insurance and assistance, the study also examines their involvement in proprietary and coalition loyalty programs, and details the online payment mechanisms accepted by those with an online sales capability. Among other data points, the report and PartnerBASE™ dataset that accompanies it embrace the following information about the retailers covered:

- whether they offer their own credit, debit or prepaid cards and, if so, the card issuers that they work with in this context if they do not issue the cards themselves;

- whether they are linked to one or more loyalty programs and, if so, whether these are proprietary or coalition schemes;

- whether they make non-card point-of-sale finance available to their customers and, if so, the finance providers that they employ for this purpose;

- whether they promote mainstream banking products such as general-purpose personal loans, mortgages and savings accounts and, if so, the partners that they co-operate with;

- whether they distribute accident, dental, health, household, life, motor, pet or travel insurance, or any kind of assistance services and, if so, the insurance or assistance providers used;

- for retail brands with an online sales capability, the payment means and providers that they accept for online purchases with consideration of payment cards, online accounts, mobile payments, bank transfers and other online payment options.

The report and PartnerBASE™ dataset can be used in the following ways:

- to gain access to a comprehensive source of information that provides detailed insights into the involvement of major retail brands in Chile in payments, banking, insurance and assistance;

- to monitor the activity of key competitors in retailer financial services including Banco Falabella, Banco Paris, Banco Ripley, Walmart Chile Servicios Financieros and Webpay;

- to understand the potential in Chile for converting proprietary retailer loyalty cards and coalition loyalty schemes into fully-fledged payment cards;

- to evaluate the extent to which consolidation among conventional banks is opening up opportunities for new retailer banks to emerge as ‘consumer champions';

- to appreciate the range of online payment choices open to consumers in Chile who buy products and services through the websites of major retail groups.

Table Of Contents

Retailer Payments, Banking, Insurance and Assistance in Chile
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
In many countries, consumers are tending to gravitate to larger retailers and to buy more online... 3
... which throws up new opportunities in payments, banking, insurance and assistance 3
Methodology 4
Survey of retailers 4
The survey's scope covers 69 important retail brands grouped across ten categories 4
Definitions 5
Payment, banking, insurance and assistance products and services 5
Operating models 7
Weighted shares 7
PartnerBASE 7
Finaccord 8
2.0 MARKET ANALYSIS 9
Introduction 9
Retailer payment cards 10
Credit, debit and prepaid cards 10
A third of major retail brands in Chile operate their own co-branded or private-label payment card... 10
... with captive card issuers constituting the dominant operating model in this context 10
Retailer cards account for over a half of the total number of credit cards in circulation in Chile 11
Banco de Chile and Banco Condell de CorpBanca are the only external card issuers used by retailers 11
Card issuers' partnership shares are similar whether viewed in unweighted or weighted terms 12
Some retailer payment cards run on closed, private networks or 'semi-open' networks... 13
... while others now carry the MasterCard or Visa brands 14
Department stores and variety retailers are most likely to have introduced their own payment cards 15
The Falabella group has passed the half-way point in migrating customers to co-branded cards… 16
…while Cencosud has launched a program to unify its retailer card programs under one central marque 17
In spite of interest from Itaú Unibanco, Cencosud has retained full ownership of its credit card business 17
Financial services make a very significant contribution to the revenues of the Ripley group in Chile 17
Gift cards 18
Comparatively few major retail brands in Chile offer a stored-value gift card 18
Retailer loyalty programs 20
Over a third of retail brands surveyed in Chile participate in a loyalty program of one sort or another 20
These brands are drawn from five out of ten retailer categories 20
Proprietary loyalty programs 22
11 major retailers in Chile run their own proprietary loyalty program 22
Coalition loyalty programs 22
Three coalition loyalty programs are adhered to by retailers in Chile 22
LAN Airlines promotes a payment card issued by Santander, co-branded with its loyalty scheme… 22
…while Falabella and Ripley run coalition schemes linked to cards issued by their captive banks 22
Consumer finance 23
Provision rates for point-of-sale finance are much lower than those for retailer payment cards... 23
… with the same captive providers used by retailers where both are offered 23
Banco Paris is the leader in terms of both unweighted and weighted share of partnerships 24
Only three categories host any retail brands with involvement in non-card consumer finance 25
Banking products 27
Overview 27
Ten retail brands in Chile offer general-purpose personal loans to their customers... 27
Personal loans, mortgages and savings accounts 27
... with the same captive providers involved as for payment cards and consumer finance 27
International payments / remittances 31
Both MoneyGram and Western Union have signed up major Chilean retailers as distributors 31
Insurance and assistance 34
Accident, health and life insurance are the policy types most commonly marketed by major retailers 34
All insurance distribution partnerships among retailers are organised with external providers... 34
... albeit schemes are intermediated by captive brokers in at least six cases 35
By weighted share of partnerships, Cardif's share surpasses that held by MetLife 37
Online payments 39
Acceptance rates 39
Online accounts are accepted by almost two thirds of major retail brands with an online sales capability 39
Payment cards 39
Eight different payment card brands enjoy online acceptance among major retailers in Chile 39
Three retailer categories in Chile register online acceptance rates for payment cards below 70% 40
Online accounts 41
Webpay enjoys much higher online acceptance among major retailers than does either of its competitors ..... 41
No retailers of consumer electronics accept online accounts for payments via the internet 43
Mobile payments 44
Bank transfers 44
Direct bank transfers register very modest acceptance rates among major online retailers in Chile 44
Other methods of online payment 45
Two online retail brands also accept payments on delivery (COD) 45
3.0 APPENDIX 46
Major captives and joint ventures 46

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Provision rates for key payment, banking, insurance and assistance products, adherence rates for loyalty
schemes and online payment product acceptance rates among retailers in Chile, 2013 2
1.0 INTRODUCTION 3
Retailers researched in Chile, segmented by category, 2013 4
Retailers researched in Chile segmented by distribution model, 2013 5
2.0 MARKET ANALYSIS 9
Provision of retailer cards by type of card in Chile, 2013 10
Retailer payment cards in Chile: provision rate and operating models, 2013 12
Retailer payment cards in Chile: unweighted and weighted issuer share of partnerships, 2013 13
Retailer payment cards in Chile: unweighted and weighted network share of partnerships, 2013 14
Provision of retailer payment cards by retailer category and distribution model in Chile, 2013 16
Provision of retailer gift cards by retailer category and distribution model in Chile, 2013 19
Retailer loyalty programs in Chile: provision rates, program types and links to payment and other cards,
2013 20
Provision of or involvement in loyalty programs by retailer category and distribution model in Chile, 2013
21
Coalition loyalty programs in Chile: unweighted share of retailer brand members, 2013 23
Retailer consumer finance in Chile: provision rate and operating models, 2013 24
Retailer consumer finance in Chile: unweighted and weighted provider share of partnerships, 2013 25
Provision of retailer consumer finance by retailer category and distribution model in Chile, 2013 26
Retailer provision of other banking products and services in Chile, 2013 27
Retailer personal loans, mortgages and savings accounts in Chile: provision and operating models, 2013
28
Retailer personal loans, mortgages and savings accounts in Chile: unweighted and weighted provider
share of partnerships, 2013 29
Provision of personal loans, mortgages and savings accounts by retailer category and distribution model
in Chile, 2013 30
Retailer international payments / remittances in Chile: provision and operating models, 2013 31
Retailer international payments / remittances in Chile: unweighted and weighted provider share of
partnerships, 2013 32
Provision of international payments / remittances by retailer category and distribution model in Chile, 2013
33
Retailer insurance and assistance in Chile: provision by policy type, 2013 34
Retailer insurance and assistance in Chile: provision and operating models, 2013 36
Retailer insurance and assistance in Chile: unweighted and weighted provider share of partnerships, 2013
37
Provision of insurance and assistance by retailer category and distribution model in Chile, 2013 38
Retailer online payment acceptance in Chile: acceptance rates by payment type, 2013 39
Payment cards accepted as an online payment mechanism by retailers in Chile: unweighted and
weighted network share of acceptance, 2013 40
Acceptance of payment cards as an online payment mechanism by retailer category in Chile, 2013 41
Online accounts accepted as an online payment mechanism by retailers in Chile: unweighted and
weighted provider share of acceptance, 2013 42
Acceptance of online accounts as an online payment mechanism by retailer category in Chile, 2013 43
Acceptance of direct bank transfers as an online payment mechanism by retailer category in Chile, 2013
44
Acceptance of other types of online payment mechanisms by retailer category in Chile, 2013 45
3.0 APPENDIX 46
Retailer captives and joint ventures in payments, banking, insurance and assistance in Chile: operating
models, partners and ownership, 2013 46

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