BPC technology to support payment processing across Chile for Klap
By Edlyn Cardoza
BPC, a leading global payments company, today announced that Chilean FinTech Klap will use its technology to support payment processing requirements in the country.
Founded in 2007, Klap works as a business network throughout Chile, connecting large and small companies with bank issuers and service providers through its terminals and technologies. Its e-wallet allows users to pay bills, top-up mobile phones, make bank transfers and deposits, and shop online without a payment card or bank account. Customers can either pay for online purchases with a bank transfer using the Multicaja network or cash at Multicaja outlets across the country.
BPC’s SmartVista Suite, with its Merchant Management and Acquiring solution, will be used by Klap to manage the payment processing of all the businesses affiliated with its wallet, enabling the integration of services and solutions in a single platform. This will also streamline the processes that support new customer features and requirements.
Commenting on the partnership, Mauricio Fernández, Director of Operations for the Americas at BPC, said: “Although we have seen an ongoing increase in e-commerce usage in the region, the vast majority of spending by Latin American consumers still takes place in local stores. These consumer habits demand a true digital transformation focused on offering customers the widest choice of payment services that are customisable, secure and easy to customise according to their needs.”
The deal with Klap underscores BPC’s growing presence in Latin America. Over the past few years, the company has worked with some of the biggest banks, card issuing companies and FinTechs on the continent, gaining significant market share in countries such as Colombia, Argentina and Brazil.
Klap will benefit directly from this regional expertise as it rapidly grows its customer base. The company currently has more than 70,000 affiliated businesses and a 15% market share in the food purchase category. By focusing its portfolio of customer services on the positioning of products for multi-service verticals – such as prepaid, recharges, accounts and transfers – the FinTech has found an opportunity for growth and expansion, promoting payment solutions such as debit and credit cards.
With 14 years of experience, Klap carries out more than 202 million annual transactions, exceeds 700,000 users and is present in 95% of the districts of Chile. It has defined a transformation strategy for the next decade, supported by strengthening purchasing with new multi-brand and multi-entity products and services. This allows it to act as a vehicle for transactions and connect small and large businesses with other companies and banking entities, directly impacting users.
Levy Abud, Technological Innovation Development Head at Klap, said: “Digital payments are a priority for people and today businesses must develop solutions capable of meeting their demand. As a result of our alliance with BPC, we have incorporated the expertise and the appropriate technology that allows us to consolidate our offer throughout the Chilean territory and with which we hope to capture 12.5% of the acquiring market share by 2025.”
“Fintech solutions and open finance services constitute a unique opportunity to promote financial access for people and organisations,” added Abud. “They currently have the right tools to serve businesses and to give them the support they need to ensure they can compete effectively in a global, digitised economy with effective digital payment solutions.”
According to the report Disruption for Inclusion: trends and non-traditional opportunities to promote financial inclusion in Latin America, published by Deloitte, in 2021, more than 40% of FinTechs in the region serve unbanked or underbanked SMEs as their main customers.
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September 30, 2022