US-based EVO Payments has partnered with Banco de Crédito e Inversiones (Bci) to create a ten-year card acceptance joint venture in Chile.

As per the terms of the agreement, EVO Payments will own a 50.1% stake in the new joint venture.

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Bci has more than 70,000 business customers and over 325 retail branches throughout the country. It will provide exclusive referrals from its existing as well as new customer base.

Bci payments solutions manager Maurico Araya said: “Bci believes in establishing long-term relationships with strategic partners that provide a differentiated experience for our valued customers. We are pleased to be working with EVO, a global leader in payments, to enhance our relationship with existing and new customers across the country.

“Our market is transforming from a single acquirer model to one with multiple acquirers with increased capabilities and competition. We view EVO as the best partner to lead these efforts for our customers and bank.”

EVO CEO James Kelly said: “We are very excited to be entering Chile and partnering with Bci.

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“Bci has built a strong reputation for both solid growth and innovation, and we are delighted to support their customers’ needs with our global product and technology solutions. We see Chile as a highly attractive market for accelerated growth in card usage and expanding acceptance.”

The formation of the card acceptance joint venture follows the recent of Chilean regulators to open the market for new entrants to offer merchants and customers with broader products and services