MasterCard and Multicaja S.A. in December launched a new card payment processing network in Chile and will complete the incorporation of issuers to the network in the first quarter of 2018, according to a report in Pulso.
The new network was reportedly opened on Dec. 15 and already 80% of MasterCard issuers will be able to use it for transactions this week, according to Pulso.
The network is the third player in a market that until about a year ago had only one network, Transbank. Since then, state-run Banco del Estado de Chile has launched its own network, Compraquí, the report noted.
"In Chile there was strong pressure for greater competition, and regulators and new players alike wanted to enter a market that had historically been centralized," Patricio Sandoval, the general manager of MasterCard Chile, told the publication.