Chile Wants Its Own Instant Payments — but Not a Central-Bank Pix
Chile · Fintech Key Facts Project name The private-bank-led instant payment rail is internally called ‘Tiro’. Public milestone On Aug 5, 2026, the Banco Central de Chile said it would open a public consultation on rules for an instant payment system (SPI), expected in the third quarter. Governance model Unlike Brazil’s Pix, Chile’s central bank […] The post Chile Wants Its Own Instant Payments —…
Chile is developing its own instant payment system, called 'Tiro', but the central bank is setting the rules and will not build the infrastructure itself. The project, led by private banks including BancoEstado, aims to create a real-time payment system for account-to-account transfers, utilizing existing transfer network TEF. The design includes features like alias-based payments and QR codes, making transfers as simple as selecting a contact or scanning a code.
Tiro is being treated with caution by industry observers due to Chile's previous failed attempts at such a system, Paga2 and RedPay. The main difference between Tiro and Brazil's Pix is the governance model; while Pix was built and operated by Brazil's central bank, Chile's approach leaves the decision to private actors. The central bank is creating the regulatory framework, while private banks argue over how open the network should be.
No confirmed launch date has been announced, with the central bank only announcing it will open a public consultation for the system in August 2026. Industry reports suggest the project is not close to launch, with banks needing to agree on technical details and waiting for the central bank's regulatory process to conclude. The outcome will depend on the negotiations among stakeholders and the central bank's regulatory decision, which could take months.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
