Another reason could be the dependence of these Bitcoin transactions on an Internet connection. I'm not sure how Chivo works but if you need a smartphone readily connected to the Internet just to proceed with simple payments, then that's already a significant friction for most users.

It's a similar scenario here in my home country which is also considered as having a developing economy. Not a lot of people here have Bitcoin wallets but digital wallets (which are not stored in immutable ledgers) are already gaining some popularity. More than half of young adults here probably have at least one digital wallet. However, it's still not a viable substitute for cash transactions because of that Internet connection requirement barrier. And since prepaid is more popular than postpaid mobile data plans, a lot of users see it as just an unnecessary additional cost. Actually, some might even see it as less convenient as digital wallet transactions are usually riddled with QR code scan failures and sometimes, sluggish loading times.