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China's UnionPay enters Chile's payments market

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China's UnionPay enters Chile's payments market

China-based payment processing company UnionPay International Co. Ltd. has launched its card operations in Chile, Diario Financiero reported.

"[B]usinesses in countries such as Bosnia and Herzegovina and Chile began accepting UnionPay cards for the first time, contributing to the total number of countries and regions that cover the service at 176," the company said.

The Chinese payments brand is already accepted in more than 3,000 shops in Chile, and another 6,000 are expected to offer the payment alternative by year-end in the country, according to the report.

UnionPay will operate in Chile through an alliance with local payments firm Multicaja SA.

According to Marcelo Salazar, Multicaja's commercial manager, the firm has authorized operations in 3,000 stores in the country and expects 9,000 stores to accept UnionPay cards by the end of 2019.

In 2018, the country's central bank made regulatory changes that allowed the entry of new brands in the payments market.