Business

Falabella to launch its digital wallet in Chile by March

Fpay recently launched in Peru and plans to roll out in Colombia still in 2021

Falabella website homepage. Falabella logo visible on the phone screen.
To face the pandemic, Falabella is investing in digitization projects. Photo: Shutterstock
  • The prepaid payments market in Latin America gains yet another player as retail giant Falabella launches its digital wallet Fpay in Chile as soon as the beginning of March;
  • Fpay will allow users to have a free digital account with no associated bank card, load money to their balance, make transfers and QR code payments in all participating businesses;
  • The digital wallet recently launched in Peru and plans to roll out in Colombia still in 2021.

After authorized by Chile‘s Commission for the Financial Market (CMF), Fpay, a prepaid digital wallet by South American retail giant Falabella, will begin operating in the country as of March, as soon as the last requested procedures and audits are completed, informed the company according to La Tercera.

Among other features, Fpay will allow users to have a free digital account with no associated bank card, load money to their balance, make transfers and QR code payments in all participating businesses.

READ ALSO: The fintech behind Colombia’s private instant payments system Transfiya

“It will allow us to expand our services to unbanked clients, contributing to financial inclusion and the democratization of digital payment solutions. Our commitment is to become an essential app available to everyone, which simplifies the transaction in a safe way and delivers a series of benefits leveraged in the Falabella world,” said the general manager of Fpay, Dimitri Cianciarullo.

The exec also highlighted Fpay’s expansion in the region, as the company recently started operations in Peru and plans to roll out in Colombia still in 2021.

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