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PayPal Teams With Chilean Payment Network On International Money Movement

The payments company has formed a partnership with Chilean payment network Multicaja to allow businesses that accept international payments via PayPal to withdraw their funds directly into their local bank accounts.

PayPal this week announced it is partnering with Chilean payment network Multicaja to offer a new service called "Retiros Multicaja." The service is targeted toward small and medium-sized businesses in Chile that accept international payments via PayPal to allow them to withdraw their funds directly into their local bank accounts, according to a post on PayPal's blog.

PayPal's Latin America general manager Mario Mello wrote that Chile -- with 10 million internet users and and an e-commerce sector approaching $2 billion -- is an important market for the payments company.

"Working alongside a company like Multicaja affords us the opportunity to empower Chilean SMBs to take an active role in global commerce by using PayPal’s secure, fast and trusted payments platform," Mello wrote.

[See Also: PayPal Introduces Mobile Point of Sale Solution For iPad]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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