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Chile: PayPal and Multicaja Team Up in Chile to Facilitate Bank Account Payments

Thanks to a new alliance between PayPal and Multicaja in Chile, consumers and local businesses can receive payments directly into their bank accounts.

PayPal, a global leader in online payments, and Multicaja, a company that develops electronic payment methods, have created a new service: Retiros Multicaja. The first of its kind in Latin America, Retiros Multicaja facilitates the withdrawal of funds from PayPal and Chilean bank accounts. The funds collected by PayPal are transferred to a Multicaja account and from there may be transferred to another account (vista, RUT, checking).

Mario Mello, General Manager of PayPal Latin America, explained why the company chose the Chilean market:

With more than 10 million internet users, an online buying volume of roughly US$2 billion, a strong culture of innovation and several of Latin America’s e-commerce leaders, Chile is an important market for PayPal. Entering into the market hand-in-hand with a company like Multicaja gives us the opportunity to offer businesses and consumers an unmatched service that promotes participation in global e-commerce through our easy, fast and secure platform.

How It Works

To access the service, one must create an account on the Retiros Multicaja website and link that account with a pre-existing or new PayPal account. It is necessary to have access to a bank account, Multicaja Executive President Javier Etcheberry pointed out.

With Retiros Multicaja, businesses and startups can export their products and services and accept payment from 190 countries, accessing the 123 million consumers in the world who use PayPal.

Retiros Multicaja charges a service fee of 0.5% of the amount received, the minimum being US$10. Funds can be withdrawn in Chilean pesos in five business days. Transfers must be verified to avoid fraud.

PayPal has been operating in Mexico and Brazil for three years, but it had not formed partnerships in other Latin American countries until now. Retiros Multicaja is the first service of its kind in the region, but it won’t be the last. PayPal revealed that it has plans to close similar agreements in other countries.

Featured image, original source.

This text has been adapted and translated by Emily Stewart from its original Spanish publication.

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