The newly formed partnership between BancoEstado and SumUp aims at expanding mobile card acceptance to small Chilean businesses. Their goal is to triple the number of card acceptance points to 1.5 million in the next 3 years.
Participating businesses will be able to accept card payment anytime, anywhere. No monthly fees will be charged and there are no contractual obligations imposed. BancoEstado and SumUp will be operating under the brand Compraqui, headquartered in Santiago de Chile
Daniel Klein, CEO of SumUp, said, as reported in their Press release: “This is a milestone for the small business sector in Chile. We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.” He adds: “Moreover, BancoEstado is Chile’s biggest card issuer with over 10 million cards issued. Through Compraqui, we will increase the number of card acceptance points dramatically in the SME sector and contribute to their financial inclusion.”
SumUp, a mobile point-of-sale (mPOS) company, aims at establishing a stronger presence in South America. The company is currently operating in 31 countries in Europe, the US and Brazil.
BancoEstado, or Banco del Estado de Chile, is the only public bank in Chile. It provides financial services to consumers and companies, but also performs all of the Chilean government’s financial activities.