British mobile payments firm SumUp and BancoEstado de Chile have established a joint venture (JV) company that will offer mobile card acceptance to Chilean merchants.

The new venture, which will operate under brand name Compraqui, will enable Chilean businesses to provide mobile card acceptance anytime, anywhere without any monthly fees and any contractual obligations.

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Based in Santiago de Chile, the JV will leverage SumUp’s success in developing mobile point of sale (mPOS) solutions for more than 31 markets in Europe, the US and Brazil.

Additionally, SumUp and BancoEstado are mulling to triple the number of card acceptance points to 1.5 million over the next three years.

BancoEstado gerente general Jessica López Saffie said: “Serving small businesses is at the core of what we do. Together, we address more than 600,000 SMEs and 1.2m sole proprietors who currently cannot accept card payments.

“We ran a comprehensive selection process, evaluating many card acceptance solutions. With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”

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SumUp CEO Daniel Klein said: “This is a milestone for the small business sector in Chile. We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.”