As a result of this partnership, EVO will become the first international merchant acquirer to enter the Chilean market by partnering with a national financial institution.
Founded in 1937, Bci supports over 70,000 business customers and more than 325 retail branches throughout the country. Bci’s mobile payments solution, MACH, provides P2P payments for over 1 million subscribers.
The Chilean payments market was established with the creation of a single acquiring and issuing processor known as Transbank. Currently, Transbank provides all acquiring and issuing services for banks in the market. Chilean regulators have recently announced legislation that will open the market for new entrants to create a broader set of products and services for merchants and their customers.
In addition, under the terms of the agreement, EVO will acquire a 50.1% ownership stake in the new joint venture.
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