This content is presented by Transbank
In August, Transbank, the company that revolutionized the payment ecosystem in Chile, celebrates 35 years since its creation. What started as the Interbank Credit Card Administrator Society in 1989 is now a leader in the digitalization of payments in the country.
Since its inception, the company has achieved significant milestones that have transformed the way Chileans make transactions.
The journey of Transbank began with the issuance of the first local credit card in 1990. This milestone marked the beginning of merchant affiliation, ending the year with 22,000 affiliated businesses. Just a year later, thanks to a negotiation with Bancard S.A., the network expanded to 35,000 merchants, including the management of Mastercard and Magna cards.
The real revolution for merchants came in 1992 with the launch of Transnet, an online authorization and capture system that made transactions more secure and faster.
“Technological development is fundamental, always in line with new trends, with a customer-centric value strategy, and with a robust offer of secure and reliable solutions in a hyperconnected environment,” highlighted Vicente Tredinick, general manager of Transbank, reflecting on the company’s 35 years.
In 1995, the first debit card operated in the country, under the Checkline brand. Three years later, the company became independent from the processing services of the issuing role. Furthermore, it merged with Edibank, an institution dedicated to electronic information exchange, formally giving rise to the Transbank brand.
The Arrival of Redcompra: a Before and After in Payments in Chile
Raul Nuñez, one of Transbank’s longest-serving collaborators known as “The Grandfather,” fondly recalls the days when Redcompra began operating in the Coquimbo Region. “We literally went to live in La Serena for two months, working day and night to implement Redcompra,” Nuñez reminisced.
“For me, that is being part of the history not only of Transbank but of our country. We introduced a payment method that did not exist and that was very difficult to comprehend what it became,” he added.
The impact of Redcompra was immediate, and by 2005, this payment method had been integrated into major stores, marking a milestone in Transbank’s geographical and digital expansion.
Constant Innovations and the Future of Payments
Over the years, the company has launched products like Onepay, a digital wallet that users can install to facilitate their payments in online purchases and physical stores; and OneClick, a solution that allows enrolling a payment method to an account of a registered user on an e-commerce platform. Both have set new trends in the sector.
“Today, any merchant can accept credit, debit, and prepaid card payments. Solutions like Redcompra, PinPass, Webpay, and Onepay have marked important milestones in the digital payment revolution in our country,” explained Vicente Tredinick.
Looking ahead, Tredinick addressed the challenges ahead, such as the adoption of new technologies and the growth of digital wallets. Recently, last year, the launch of Apple Pay in Chile took place. “It is expected that payments with QR and NFC will surpass cards as the main payment method by 2025,” he commented.
Throughout its 35 years of history, Transbank has shown a continuous commitment to the country’s economic development. From its swift response during the 2010 earthquake, under the motto “Supporting Businesses,” to the implementation of 100% autonomous stores in collaboration with Aramark in 2023, the company has been at the forefront of innovation in payments.
“Active listening to merchants is essential, not only to continue developing more and better solutions but also to learn from mistakes and thus continue to improve always,” Tredinick concluded.
Con Información de chocale.cl