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Chile: "One click away from crypto purchase"

Updated: Nov 16, 2018

Electronic commerce has changed many things within consumers, we are all just one click away from buying anything online. I recently came across a local Chilean news article that titled "More than 5 thousand businesses in Chile already accept payments with cryptocurrencies". This came as a shocker to me because people have asked me if I know where they can purchase things in Chile with cryptocurrency, unfortunately, I didn't know any.

Chilean crypto exchange CyptoMKT recently posted on their webpage that they have partnered with a Chilean online payment company named Flow. The alliance allows people to have the option to pay services and goods using Bitcoin (BTC), Ethereum (ETH) and Stellar Lumens (XLM).

CryptoCompra is a solution and webpage created by CryptoMKT, where businesses can sign up for free and integrate a payment button in cryptocurrencies on e-commerce platforms using plugins. Businesses can choose to be paid in crypto or Chilean pesos.

This initiative is already being spread throughout the internet. Crypto news site Blokt calls it "Dawn of the New Era in Chile", and they might be right. Flow´s creation has five thousand businesses already integrated this new payment button on their platforms.

One of the most interesting parts in this new payment option is the fact that crypto payments are the ones with the cheapest fees. According to Flow, "The service offered by Flow is charged to who issues a collection order through the platform and has the following rate plan" (shown below).

Chileans commonly use WebPay and ServiPag to do online payments. Flow charges payments on the next business day of payment fee rates, WebPay at 4,99%, ServiPag at 5,29% and Cryptocompra at 0,90%. This means besides giving consumers a different payment option it also provides businesses with an option to sell their goods and services online with cheaper fees.

Blokt news site also mentions the crypto exchange drama a few months ago "Banks had shut down the accounts of various crypto exchanges as prices of digital currencies rose rapidly at the end of last year. It triggered a negative reaction in the country's banking ecosystem, which feared that cryptocurrencies could destabilize their financial practices. Banks reacted quickly and shut down the accounts of crypto exchanges to stop growth in the industry". The crypto exchange ban in Chile finally ended and banks had to reinstate all their accounts because it violated the country's Political Constitution. Seems that CryptoMKT is here to stay forming this new alliance with Flow.

Hope you enjoyed it, feel free to comment.

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