I seem to vaguely recall, though these days all recollection is increasingly vague, that someone amongst us had been broadly lauding the common Chilean bank practice for use of the tarjeta de coordenadas.
It is time to think again.
The CL government is acting to (probably) eliminate those coordinate cards and make banking even more difficult, in the name of (arguable) greater security.
The Comisión para el Mercado Financiero is forcing the change, through the obligation to conform to the new Norma de Carácter General Nº 538, which calls for “Strong Customer Authentication” (SCA) mechanisms. This of course is because someone in Chile discovered that the EU was doing this, so they had better copy it.
At least one CL bank, Santander, has already informed users that they will have to dump their coordinates cards and adopt an entirely new system for “more robust identification of customers.” And of course you download this from the aptly named Google Play Store.
There may be a glimmer of hope from some banks that might find a way to continue to use the accepted and popular coordinate cards, if they can meet the new standard with some additional steps, to comply with the two-factor authentication requirements. Banco Santander has for some time used various forms of two-factor authentication which have now been rejected and supplanted in favor of the new applicaition.