PayPal Teams With Chilean Payment Network On International Money Movement

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