Last updated: 18 November 2021
Redcompra is one of the most popular payment methods in Chile, offered by Chilean Transbank. Redcompra is a debit or prepaid card you need to use with another Transbank service, WebPay Plus. WebPay platform was created to enable fast and easy online transactions with bank cards. In other words, Redcompra and WebPay Plus are compatible services. Working together, they allow gamers in Chile to quickly deposit funds at their favorite online casinos.
And, of course, inevitable happened. A CBM team of fintech professionals quickly discovered this popular local payment solution. We immediately decided to find out how convenient it is for online casino players. After running a thorough background check, we deliver you our unbiased Redcompra review. So, keep reading to find out if Redcompra could become your preferred casino banking method.
Redcompra is a brand run by Transbank S.A. The company was established in Santiago in August 1989. Eight Chilean banks joined forces to create Sociedad Interbancaria Administradora de Tarjetas de Crédito SA. This company later became known as Transbank. The bank started issuing the first Visa credit cards in 1990, with Mastercard cards becoming a new product a year later. Then, in 1995, the company offered the first debit card in the country through the Checkline brand. Four years later, Transbank launched the Redcompra debit card brand as a pilot project. Finally, in 2000, Transbank decided to roll out Redcompra and WebPay nationwide.
Six years after the new debit card was introduced, Transbank also launched the “Redcompra gives you back” program. In 2009, Redcompra became the fastest-growing payment method in Chile. Following the trends and developments in technology, in 2013, Transbank started issuing Redcompra cards with embedded EMV chips. Transbank also launched several other banking products. WebPay Plus, WebPay OneClick, PatPass, Smart PoS, and Mobile PoS are among its popular services.
However, the company was accused of monopoly. Transbank was the only financial institution in Chile authorized to issue bank cards and process transactions offline and online (through the WebPay platform). It means that it was acting as an issuing and acquiring bank at the same time. Such a situation raised the alarm, and a state-led investigation was launched. In 2016 a new Chilean payment service provider, Multicaja, enter the market. The move ended Transbank’s monopoly in the credit and debit card market in Chile.
- August 2021: Transbank reports that in the first half of 2021, the number of online transactions with credit, debit, and prepaid cards is 70% higher than in the same period last year.
- July 2021: Estudio Marcas Ciudadanas by Cadem announces that Chileans list Redcompra and Transbank among the 50 most valued brands in the country.
- May 2021: Transbank starts touring the country with the Mobile Office (Oficina Móvil) to allow SMEs to quickly get the payment services they need to grow their businesses.
Transbank is one of the most prominent financial institutions in Latin America. However, as a Chilean company offering several banking methods and services, Transbank is focused on its home market – Chile. The company provides various B2B and B2C financial products.
As a result, millions of Chileans use Transbank’s services daily. They can shop online or in the store via WebPay gateway or use multiple credit and debit cards. Transbank is authorized to issue various cards, such as Visa, Mastercard, American Express, Diners Club, Magna, and of course, its proprietary brand Redcompra. Redcompra debit and prepaid cards are only available in Chile. In other words, you can use Redcompra as an online casino banking method only at casino sites that accept players from Chile.
Alternative banking methods oriented to a specific region or country are nothing new. Moreover, local payment methods are starting to outnumber global transaction methods. Redcompra is one such method designed to meet the needs of Chilean online casino players. As such, it’s an excellent banking solution that facilitates transactions in local currency.
Check out if your local bank issues Redcompra cards
The first step is to find out if your bank supports Redcompra. As this is one of the most used debit cards in Chile, it’s likely that your bank is issuing the card. If you don’t have a bank account, open it, and you’ll get a Redcompra card automatically. You will receive the card within 10 business days. Also, a 4-digit code you need to enter when making transactions is assigned to your card at the same time.
Redcompra card features
Redcompra is a standard debit card you can use to shop online, pay in brick-and-mortar stores, or withdraw money from ATMs. It is a dual-use card that allows you to pay by entering a 4-digit PIN code or contactless. In both cases, you don’t need to reveal any personal data.
Make online casino deposits with WebPay Plus
WebPay Plus is a Transbank platform, a payment gateway that facilitates online transactions. The platform accepts various credit and debit cards, including Redcompra. You, as an end-user, don’t have to sign up for WebPay Plus. The casino has to register with the company and allow the service. So, you just need to get your Redcompra card, and you’re good to go.
We’ve mentioned earlier that Redcompra is a local payment method tailored to meet the needs of Chileans. So, the main currency is, of course, Chilean pesos (CLP). However, you will be able to make transactions in USD as well. But, be aware of currency conversion costs that may apply.
So, now you’ve learned some of the basics related to Redcompra. It’s a debit card. It means that online casino deposits are similar to any other bank card online transaction. But, just in case, let’s go step by step to explain how to make an online casino deposit with Redcompra.
- Select one of the Redcompra casinos we’ve handpicked and presented to you on this page.
- If you’ve never visited the casino before, create your account first.
- Go to the banking page and look for WebPay Plus as a deposit method. Remember, don’t search for the Redcompra logo. You can make payments with the card only through the WebPay Plus platform.
- Click the WebPay Plus logo and pick Redcompra as a payment method you wish to use to carry out the transaction.
- Type the amount you want to deposit, enter a 4-digit card code, and confirm the request.
- Go to the casino’s game lobby, select the game, and have fun!
Now, it is time to tell you more about withdrawals with Redcompra. And we will have to disappoint you here. WebPay Plus platform doesn’t support withdrawals. It means that you won’t be able to cash out winnings using Redcompra through WebPay Plus. The only way to withdraw the funds is to select an alternative method. In most cases, it will be a standard bank transfer.
Transbank has a complex and confusing fee system. It has exchange rates for debit and prepaid cards that range between 0.05% and 1.15%. There are also certain membership costs that go from 0.020% to 0.045%, or $0.0003 and $ 0.038 per switch in each transaction. Finally, Transbank charges merchants a 1.39% + VAT fee for debit and prepaid card payments.
We cannot tell you exactly how these numbers affect your online casino transactions. These are the fees merchants pay to Transbank for using its services. So, we suggest you visit the banking page to double-check if the casino will charge you for depositing with Redcompra. According to our findings, casinos don’t charge players for using Redcompra to fund the online casino account. However, please, visit the cashier page and read the Terms and Conditions before you deposit money.
All transactions and withdrawals you make with your Redcompra card are automatically debited from your bank account. This should mean that Redcompra casino deposits are processed in seconds. So, you can immediately visit the casino’s home page, look through the categories, and select the game you like best.
During our investigative work, we’ve found out that Transbank processes Redcompra prepaid transfers within 24 hours. Payment made before 02:00 p.m are handled during the day. Payments after 02:00 p.m. are processed the following day. However, be aware that this info is for merchants. We cannot guarantee that these timeframes apply for Redcompra prepaid casino deposits.
As we’ve said earlier, the WebPay system is not configured to allow withdrawals. We are, therefore, unable to tell you how long you’ll wait to see the funds in your bank account using Redcompra. You will probably need to select a standard bank transfer to cash out winnings. And, most often, these transactions last 1-5 business days, depending on the bank.
Redcompra doesn’t have any limits related to payments and withdrawals. So, the only limits you will face are the ones applied by online casinos. As each casino site has a different T&C and business policy, the amounts may vary from one casino to another. Still, Redcompra deposits are following the industry standards. Most often, the minimum amount you’ll need to deposit to start playing ranges between $5-$10.
You won’t be able to cash out your casino winnings with Redcompra through WebPay Plus. So, your primary alternative will be a bank transfer. At Betsson, for example, the minimum withdrawal amount with bank transfer is $20. The maximums you’ll need to check out in each casino’s T&C or on the cashier page.
We’ve mentioned earlier that Redcompra is a debit card you receive immediately upon opening a bank account. However, only banks supervised by the Commission for the Financial Market (CMF) can issue the card. CMF is a governmental body linked to the Ministry of Finance. The public institution guarantees that financial institutions comply with laws and regulations. In other words, banks that are authorized to issue Redcompra cards are under the state’s supervision.
Furthermore, Trastbank S.A. complies with the Chilean General Banking Law and is monitored by the Financial Market Commission. These institutions are all in charge of ensuring a safe and trustworthy financial ecosystem in the country.
Finally, you can make online transactions with Redcompra through the WebPay Plus platform developed by Transbank. The platform enables internet payments by utilizing the safety measures employed by your online banking. Also, Redcompra doesn’t require you to enter any personal information while making payments. You only need to provide a 4-digit security code.
Redcompra is Transbank’s brand. But, the card is issued by your local bank. So, for any issues you may encounter with the card, you need to contact your bank. But, if you need more information, you can also check out the Transbank help page. It provides lots of useful information and answers many common questions.
You can also contact the support team by email ([email protected]) or phone. The numbers are 600 638 63 80 and +56 2 266 127 00. In case you’ve lost your Redcompra card, you can block it. Just call Transbank blocking service on (02) 2661-27-11 or reach out to your issuing bank.
Online casino players in Chile are gladly using Redcompra to fund their casino balances. First, almost anyone in Chile owns the card. So, you don’t need to register new accounts and have one more password to remember. You already have it in your wallet. Second, the card is easy-to-use and requires only a 4-number PIN to deposit funds. No personal or sensitive banking information is disclosed this way. So, the card is safe to use too. Next, most casinos don’t charge any fees. And finally, Redcompra is directly associated with the amount you have in the bank account. You can’t spend more than you have. Using Redcompra as a casino banking method is the best way to manage your casino spendings.
However, Redcompra is a local payment method available only in Chile. And this is one of the most significant disadvantages. Chilean casino fans can’t use it outside the country. And, only casino sites that target Chilean gamers will accept Redcompra. In other words, you won’t find many casinos supporting Redcompra deposits. Also, to withdraw funds from the casino, you have to use a bank transfer. So, you’ll need to wait a bit longer to receive the money than with some other withdrawal methods.
Redcompra is a debit bank card. No spectacular extra features are related to it. It supports contactless payments, which is a huge plus. However, both clients and merchants can benefit from Transbank’s “Redcompra gives you back” campaign. The service allows customers to make payments with Redcompra but request the change in cash.
The amounts that enable users to request such service are $1,000, $5,000, $10,000, and $20,000 (Chilean pesos not USD). It means that customers can make payments, and if they need cash, they don’t need to go to ATMs. They can get the cash at the store. In this way, they save time and money as they don’t need to pay fees. Merchants, on the other hand, attract more customers and receive the transaction within 24 hours.
Redcompra is a debit card, one of the leading brands by Transbank. The card is used for online payments through Transbank’s WebPay Plus platform. Online casinos need to contact Transbank to integrate and configure the system. Once they incorporate WebPay Plus on the casino site, they can accept Redcompra deposits. To conclude, Redcompra doesn’t have a mobile app you need to install to use it. You can pay online only through the WebPay Plus portal.
- Did you know that Chileans have several ways to pay online, but they prefer to use bank cards? Chile is one of the countries with the highest credit and debit card usage in the LATAM region. However, Chileans prefer to use local bank cards that aren’t available internationally. Redcompra is on the top of the list.
- The company won several awards for various Redcompra promo campaigns, such as “Redcompra Desires” or “Redcompra brings art to your table.”
- In 2011, Trustbank won Effie de Oro for the campaign “Redcompra takes you.” Effie Awards Chile celebrates and rewards effective marketing campaigns, great ideas, and creative strategies.
- Redcompra had several slogans used during marketing campaigns. The most successful ones are “Better than check, better than cash,” and “Live with her” (Vive con ella).
- Almost 200,000 stores across Chile accept Redcompra payments and benefit from the “Redcompra gives you back” program.
- In 2016, Transbank reported that there were more than 8 million Redcompra cards in Chile.
You can use Redcompra only in one country. In Chile. This is beneficial, but it also has serious disadvantages. The main advantage is you can use local currency and avoid any currency conversion costs. But, again, you can use Redcompra only in Chile.
Yes, they are. Casino deposits are processed through the WebPay Plus payment gateway that enables direct transactions.
Online usage of Redcompra is linked to the WebPay Plus platform. The system doesn’t support two-way transactions. So, although Redcompra is connected to your bank account, you can’t cash out winnings from the online casino. To do so, you need to select a standard bank transfer.
There shouldn’t be any. However, Transbank has a complex fee policy with several service costs for merchants. For example, the company has a 1.39% + VAT fee for debit and prepaid card payments. Also, conversion rates are ranging from 0.05% to 1.15%. So we can’t say with 100% certainty that online casinos won’t deduct anything from your balance. But, we can advise you first to visit the banking page to check out the rates before you deposit funds.
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