By Narayan Ammachchi
U.S. online bank PayPal has teamed up with a Latin American payment network to launch a unique payment service called ‘Retiros Multicaja’ in Chile.
PayPal’s partner Multicaja is also a financial services provider, serving more than 50,000 merchants in Chile. “For over two years now, we’ve been growing our footprint in Latin America by opening up local offices in Mexico and Brazil, and by entering into innovative partnerships in countries like Costa Rica,” stated Mario Mello, General Manager, PayPal Latin America, in a press release.
Mello said PayPal can boost the eCommerce industry in Latin America, helping the region widen its participation in global commerce.
The new service will allow Chilean businesspeople to withdraw funds directly from their local bank accounts. With more than 10 million Internet users, Latin America has tremendous potential to become a lucrative eCommerce market, PayPal said.
“We are confident that this important relationship will help Chilean merchants connect with more buyers around the globe – to build and grow a loyal customer base with access to PayPal’s 123 million active accounts,” Mello added. “We will continue to work with Multicaja to expand opportunities not only for merchants, but also for consumers in Chile.”