WebPay Plus Review & Best WebPay Plus Casinos

Transbank S.A. was founded in August 1989. A group of eight banks joined forces to create the Sociedad Interbancaria Administradora de Tarjetas de Crédito SA, which would later become Transbank. In 1990 Transbank started working with the first local Visa credit card issuer and offered Diners Club cards. A year later, it enlarged its network of stores to 35,000 and started issuing Mastercard and Magna cards. In 1992 the company introduced Transnet, an online security system that protects transactions and makes them faster. The first debit card entered the Chilean market in 1995 through the Checkline brand.

A new debit card brand, Redcompra, was launched in 1999 as a pilot project. Then in 2000, Transbank rolled out Redcompra and WebPay online payment platform nationwide. Finally, in 2008, WebPay Plus was introduced as a B2B solution to bolster internet sales. Continuing the success, Transbank also developed and launched several other products. Some of them are Pinpass, WebPay.cl, Smart POS, Cobro QR, and prepaid Redcompra.

However, Transbank was accused of monopoly. The bank was acting both as an issuing and acquiring bank. It means it was issuing credit cards to customers and processed their offline and online transactions. But, at the same time, it was an acquiring bank that maintains the merchants’ bank accounts. Simply put, it was partnering with merchants to accept credit card payments that allow Transbank to charge processing fees. Clearly, Transbank was offering a unique “end-to-end” service, which is not permitted.

The Chamber of Deputies requested an investigation by National Economic Prosecutor’s Office. Transbank lost its monopoly position in 2016 when Multicaja, a Chilean payment service provider, entered the credit and debit card payment market.

WebPay Plus allows Chilean players to securely use their credit and debit cards online. We’ve mentioned earlier that all transactions are processed within your familiar online banking ecosystem. WebPay Plus, therefore, employs the highest security standards applied by the banks. WebPay Plus acts as an umbrella or a shield that protects all your sensitive data from unauthorized access. It combines end-to-end encrypted protocols established by the banks and the speed and convenience of digital wallets.

Transbank S.A. is a Bank Business Support Company that complies with the General Banking Law. Moreover, Transbank is a payment card operator established in accordance with the Constitutional Organic Law of the Central Bank of Chile. The Financial Market Commission supervises the payment service provider. Moreover, the General Banking Law regulates Transbank’s operations. In other words, Transbank is monitored by the government.