Tepago to Start Payment Service via E-supermarket

Tuesday, October 9, 2001

Santiago-based email money transfer and payment system Tepago (www.tepago.com) will be available next week through online supermarket Hey (www.hey.cl), according to Alvaro Flores, CEO of Tepago's parent company Latinpago.

"We will start with 10 to 20 shops and then expand to all companies with websites and who sell products on the Internet," Flores told BNamericas.com, adding that Tepago is in talks with several unspecified banks and aims to have an agreement in place by year-end.

In the Tepago system, recipients can transfer funds directly to their current accounts or print off a receipt and claim the money at a Tepago affiliate. The system's advantages include easy installment and no technological requirements, Flores said.

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Latinpago, itself a subsidiary of Miami-based Puntocomholdings (PCH), launched Tepago on June 26 with an initial investment of US$3mn.