Banco de Credito e Inversiones SA plans to target roughly 400,000 merchants in Chile next year through its joint venture with U.S.-based EVO Payments Inc., executives said during an earnings call to discuss the bank's quarterly results.
BCI is seeking to deploy a new acquiring network with the U.S. company that will offer electronic payments services to small and medium-sized businesses.
"It is critical to take advantage of the existing ecosystem ... We believe we have an opportunity to continue growing by the introduction of cashless [products]," CFO José Luis Ibaibarriaga said.
The venture comes as the national payments system in Chile migrates to a multiple acquirer model. Until recently, the market was dominated by Transbank SA.
As of Aug. 5, US$1 was equivalent to 721.55 Chilean pesos.
- Author
- David Feliba
- Theme
- BankingFintech
