Starting September 1, it will begin to integrate functionalities of its digital wallet into the Banco Falabella app in Peru and Chile.
Falabella Financiero announced the integration of functionalities of its Fpay digital wallet to the Banco Falabella app in Chile and Peru in order to provide a better financial and payment solution to its clients.
In this way, the Chilean retailer completed its mobile wallet launched in 2020.
However, Falabella specified that Fpay will continue to process payments for Falabella's e-commerce .
The corporate general manager of Falabella Financiero, Juan Manuel Matheu, explained in a statement that “by integrating the wallet with the Banco Falabella app , we will be able to provide a more complete solution to Fpay clients. These will not only be able to make contactless payments from the Bank's app, but also contract accounts, cards, insurance and credits. On the other hand, Fpay will focus on processing e-commerce payments in the ecosystem and providing financing to sellers of our marketplace in Chile, Peru and Colombia.”
This will imply that Fpay will gradually discontinue the functionalities in its application, some of which will be incorporated into the bank's app .
These changes have already been communicated to the Financial Market Commission (CMF), which was informed that the process of voluntary termination of prepaid account activities will begin.
Customers who used the digital wallet will be able to continue enjoying the payment experience from the bank's app and open a 100% digital checking account, if they wish. This process is being communicated to your users.
The adjustment implies synergies with Banco Falabella and integration of teams that will generate better services for clients.
The company's strategy seeks to continue strengthening the growth of Banco Falabella, which already has 3.7 million clients in Chile and has established itself as the second market player in current accounts.
For its part, Fpay's role as a payment processor in Falabella has had a solid performance: "during the last 12 months, as of June 2023, it has processed transactions for close to US$3 billion, mainly in e-commerce. of the ecosystem, which has led to the company already operating in Chile, Peru and Colombia," the company concluded in its communication with the media.
