What is Servipag?
Founded in 1990, Servipag is a subsidiary of two of the largest national banks – the Banco de Chile and BCI. It’s a secure and convenient payment solution enabling Chilean consumers to pay their utility bills or perform other transactions by selecting one of the several payment options offered at checkout.
Since Servipag is connected to a network of financial institutions, consumers can complete their payment with Servipag online – either through internet banking or debit cards. Alternatively, they can choose to pay by cash through a voucher that can be redeemed at any Servipag physical service point (more of this below).
How does Servipag work?
After shoppers select Servipag as their preferred payment method at the checkout of the merchant’s eCommerce store, they’re given a reference number. Then, the customer needs to go to Servipag’s website where they’re asked to enter the reference number and make their purchase. Depending on their payment type of choice – whether via bank account or debit card – the consumer is directed to the page of their financial institution to complete the transaction.
Once the payment is authorised, a receipt is provided to the customer with the status of their payment, which can be printed and/or saved. For increased security, the customer receives a confirmation of their payment via their registered email.
Customers can use the same reference number provided on the merchant’s checkout page to pay for their online purchase by cash. All they need to do is visit a Servipag physical payment location and present the voucher to make the purchase.
What verticals does Servipag cover?
Servipag can cater to an array of verticals, including travel, gaming, general eCommerce, and retail.
How big is Servipag’s penetration in the market?
Servipag supports an average of 9 million transactions per month. The solution is utilised by nearly two fourths (40%) of Chilean consumers.
According to emerchantpay’s Global Payments Outlook 2023 research, the Chilean market is steadily growing. In fact, Chile is among the LATAM nations with the highest invested capital, standing at 6%, for sectors such as fintech and eCommerce as well as marketplaces. When it comes to online sales, the number of eCommerce users across the country is anticipated to amount to 13.72 million by 2027. At the same time, the revenue of Chile’s eCommerce market is expected to show an CAGR (2023-2027) of 10.95%, which can lead to a projected market volume of US$14.19 billion in the same year.
Therefore, the Chilean eCommerce market holds ample expansion and growth opportunities for digital merchants eyeing the LATAM region.
Benefits of using Servipag
Servipag offers a wide range of benefits for merchants who integrate it into their payment mix or for a customer tapping into it for their online purchases.
Some of the benefits include yet are not limited to the below:
- One solution, multiple payment options for increased conversions – Chilean buyers have the opportunity to pay for their purchases online using their bank account or debit card, or in-person though cash at a Servipag physical payment point.
- Enhanced security – Servipag deploys advanced security measures, such as SSL technology among others, to ensure the personal and financial data of its users are protected.
- Increased sales and revenue with localised payment strategy – Servipag is a familiar and trustworthy local payment solution, localised in the Spanish language and supports transactions in Chilean pesos (CLP). This, in turn, can help boost sales volumes while encouraging repeat custom.
Accepting Servipag payments with emerchantpay
Supporting local payment methods is imperative for merchants striving to access the Chilean market and achieve sustainable business success. Servipag is a safe bet in doing so, as it has revolutionised the way locals make transactions by offering a convenient and safe payment platform.
With a trustworthy payment service provider like emerchantpay by your side, you are better positioned to adjust your payment strategy to the unique payment needs of your customers. Our dedicated on-the-ground team knows the ins and outs of the LATAM payments landscape. Through expert advisory and data-driven insights, we can facilitate your seamless entry in Latin America and ensure your business grows substantially.
Want to enable Chilean buyers to pay for your products with Servipag and create new revenue streams? Contact our team of payment experts today and find out how.