Business

Santander's Getnet begins operation in Chile

Getnet expects to reach over 20,000 businesses in 2021 and forecasts a market share of 15% in the next three years in the country, Santander informed

Santander’s payment fintech PagoNxt launches Getnet in Europe
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  • After several months of testing with over 250 businesses, Getnet, Santander’s acquiring network has officially launched in Chile;
  • Getnet has received authorization from the Financial Market Commission (CMF), the country’s regulator;
  • Chile joins the other countries within the Santander Group that already offer acquiring services, including Argentina, Brazil and Mexico.

Santander, the owner of Getnet, announced that it received authorization from the Financial Market Commission (CMF) in Chile to start the operations of its acquiring arm.

After several months of testing with over 250 businesses, Getnet has officially launched in the country, where it aims to expand its geographical footprint. The acquirer expects to reach a market share of 15% in the next three years, Santander also informed.

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“We are taking an important step to increase competition in the payments market in Chile, following the trends in developed countries where this industry is open to diverse operators,” said Miguel Mata, CEO of Santander Chile.

“With this, businesses will be the major benefactors as they will have a new and robust offer available, with better payment times, innovative and diverse plans and high standards of security. This will permit Getnet to compete in this market with an important growth potential in the country.” Getnet expects to reach over 20,000 businesses during 2021 with its payment platform.

With CMF’s green light, Chile joins the other countries within the Santander Group that already offer acquiring services, including Argentina, Brazil and Mexico, as part of PagoNxt, the strategic brand of the Santander Group created to consolidate the payments business on a global level.

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At this first phase, Getnet will offer a POS solution that comes with a built-in data SIM card that can be used as a fixed POS in stores or in settings where the POS needs to be taken directly to the consumer, such as restaurants or delivery services.

SME clients that receive their payments from Getnet to a Santander account will receive 50% discount on the monthly fee for the “Plan Empresas”, Santander added.

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