Following its $19 million purchase of the digital business unit of Chile's Multicaja SA earlier this year, Peru's Credicorp Ltd. renamed the unit as Tenpo PayPal, Diario Financiero reported, citing an email sent to clients.

Credicorp's purchase reflects the financial group's interest in Chile's digital payments market. In July, Credicorp and Multicaja signed an agreement over the former's purchase of cross-border payments support services, as well as other electronic payments and financial services.

Prior to the name change, the digital business was known as Multicaja PayPal. Under the new name, Tenpo PayPal will offer digital services to more than 100 million clients in Chile, Peru and Colombia.

Tenpo PayPal is now a part of Credicorp's Tenpo company, serving as the only entity with an official alliance with PayPal in Chile.