BancoEstado launches “Compraquí”, its new payment system
The state entity seeks to reach 50,000 businesses associated with this new payment system by the end of this year.
Santiago, May 2, 2019. The Chairman of BancoEstado, Mr. Arturo Tagle, jointly with the Finance Minister, Mr. Felipe Larraín and the Superintendent of Banks and Financial Institutions, Mr. Mario Farren, launched the new payment platform of the state entity: Compraquí.
The main objective of Compraquí is to contribute to the economic and social development of the country by allowing businesses that are currently marginalized of this type of services to receive payments with debit and credit cards from all the banks in the country.
Since the beginning of the pilot phase to date, more than 27,000 businesses have joined this new payment system, reaching 95% coverage of the country's municipalities. BancoEstado expects to increase to 50,000 the number of operating devices by the end of this year.
"We want there to be more alternatives in the system of payment means, so as to allow more businesses to compete on comparable conditions. With Compraquí, we seek to serve 900 thousand businesses that are outside the traditional Transbank circuit. With CuentaRUT, CajaVecina and Compraquí we are making great efforts to contribute to the modernization of payment systems in Chile. We hope that Compraquí will quickly become a very important player in the payments market and become a central part of the strategy to achieve a Chile without cash", said the chairman of BancoEstado.
The Minister of Finance stressed that "the official announcement of Compraquí is for the Ministry of Finance a clear element of progress in the competition of payment means. To this end, we have already started a workshop to promote the various players that will diversify this market. We are convinced that the measures announced and the work we started in this area will promote two priority objectives for the Government: competition and financial inclusion".
For his part, the Superintendent of Banks and Financial Institutions, Mario Farren thanked BancoEstado for its leading role in the advancement of financial inclusion in Chile. "Financial inclusion is very important as a public policy, since it reduces costs and reduces transactional risks. Today 97% of the adult population has some means of payment. If we look at banking transactions, they are mostly digital, which means that digitalization and financial inclusion are processes that are closely related and have to do with these channels", said Farren.
For the implementation of Compraquí, BancoEstado partnered with SumUp, one of the most prominent companies in the international market of electronic payment means, which has experience in electronic payment methods in more than 30 countries.
How does Compraquí work?
Compraquí accepts payments with CuentaRUT, Visa and Mastercard debit and credit cards (without fees) of all banks in the country.
To use this system, it is necessary to have a bank account associated with the RUT of the company or the natural person who enrolls, to exercise a compatible activity, a smartphone or tablet with Bluetooth, an updated operating system and Internet connection. The operation of the reader is fast and intuitive, so it does not require a high technological expertise.
Unlike its direct competition, Compraquí does not include a leasing payment. The mobile POS may be purchased for $29,900 via web and is dispatched in 5 business days. The commission for each transaction is 2.9% + VAT of the total value of the purchase and no lease is paid for the device.
The BancoEstado service network consists of 411 branches, 108 ServiEstado offices, more than 26,000 CajaVecina service points, 2,434 ATMs and 27,000 ATMs with Compraquí.