Chile’s financial regulator, the Comisión para el Mercado Financiero (CMF), is phasing out the use of coordinate cards as a verification method for electronic payments and transfers. The move aims to reduce fraud risks and modernize the country’s authentication systems.
Why the Coordinate Card is Being Retired
The CMF explained that traditional verification methods, such as coordinate cards, have turn into increasingly vulnerable to new forms of digital fraud. “The transition to more advanced systems will strengthen user security,” the authority stated. This decision comes as financial institutions globally grapple with evolving cybersecurity threats and the need for more robust authentication protocols.
Some customers have expressed concerns about adapting to digital tools like mobile app keys, prompting the CMF to set a final deadline of August 1, 2026, for the use of the card.
What Alternatives Banks Are Offering
As the retirement date approaches, financial institutions have begun implementing more modern authentication methods:
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Banco Estado: Began deactivating coordinate cards in November 2025. Customers now use BE Pass (a key) or BE Face (facial scanning via mobile phone).
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Banco de Chile / Banco Edwards: Will maintain the card in use until August 1, 2026. Mi Pass is currently employed to authorize transactions.
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Banco Santander: Informed its customers that, as of March 9, the card will be replaced by the Super Clave, according to Radio Biobío.
How to Protect Yourself During the Transition
The CMF recommends that users:
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Inquire with their bank about the new authentication systems for payments and other operations.
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Request assistance if they have questions about using the digital methods.
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Ensure continued access to their financial operations whereas the new systems are implemented.
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Do not share keys or access mechanisms, as they are personal and non-transferable.
Benefits of the New Methods
According to the Sernac, the main benefits include:
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Increased Security: Obsolete methods are being replaced with enhanced authentication, reducing the risk of identity theft.
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System Modernization: Operations will be faster and aligned with international standards.
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Improved Traceability: Each transaction will have a unique code, reducing the possibility of key reuse.
With these updates, banks aim to have users adapt to more secure and efficient systems before the coordinate card becomes invalid. The shift reflects a broader trend in the financial sector towards prioritizing digital security and user experience.
