Redcompra

When talking about the popular local payment methods in South America, one name that often comes to mind is Redcompra. This banking option, available in Chile, is a prepaid or debit card that can be used with other services like WebPay Plus and Transbank.

It turned out that Redcompra and WebPay Plus are a match made in heaven, particularly when it comes to depositing money at online casinos. At the same time, due to its growing popularity, Redcompra caught our attention, and we wanted to delve deep into this solution and see what advantage it offers to online casino enthusiasts.

The result was a detailed review, which should help you decide if Redcompra should become your favourite means of payment. Continue reading to get answers to all your questions related to this payment method.

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About Redcompra

Redcompra is owned and operated by Transbank S.A. It was established in 1989, when eight Chilean banks partnered to establish a new business now known as Transbank. In 1990, Transbank issued its first Visa credit card, while Mastercard became part of its offering a year later. By 1995, the company established the Checkline brand and offered Chilleans the first debit cards.

The Redcompra debit card brand debuted in 1999, although as a pilot project. A year later, it was launched with WebPay and made available across Chile.

In the mid-2000s, Transbank introduced the “Redcompra gives you back” program, and by the end of the decade, it became the fastest-growing banking solution in the country.

Over the years, Transbank has launched a wide range of services, including WebPay Plus and WebPay OneClick. Solutions like SmartPoS, PatPass, and Mobile Pos, are among the company’s most popular products.

By 2022, Redcompra has established itself as the preferred debit card for both online and offline payments in Chile.

Target Markets

Despite being one of the most reputable names in the Latin American financial landscape, Transbank is primarily focused on its home market, where it offers a multitude of B2B and B2C services and products.

Millions of people across Chile use Transbank services every day. They can use credit and debit cards to buy goods and services in stores or online.
Transbank offers its customers a wide range of cards, from Visa and Mastercard to American Express, Magna, and Redcompra. As the company’s proprietary brand, the latter is exclusively available in Chile.

That is why Redcompra can be used as an online banking method solely at gambling sites that accept players from Chile.
Redcompra is a widely used local payment option designed to cater to the need of online casino players in this country and allow fast and easy transactions in the Chilean Peso.

Recompra Account

Since Redcompra is a bank-issued card, you won’t need an individual account to use it. However, you must have an account with a supporting bank.

When opening an account with a bank that supports Redcompra, you will receive a card automatically. It should arrive at your address within 10 working days. Along with the card, you will receive a 4-digit PIN code.
As a debit card, Redcompra can be used for online and offline purchases, as well as withdrawing money from ATMs. You can pay by providing the 4-digit code or contactless; in both ways, there is no need to reveal your personal data.

The WebPay Plus platform facilitates online transactions and can be used with a Redcompra card. Again, you don’t have to open any kind of account. Just make sure your Redcompra card is with you.
In addition to Chilean Pesos, Redcompra users can make payments in US Dollars. However, keep in mind that transactions using foreign currency include currency conversion costs.

How to Deposit with Redcompra?

Using Redcompra for depositing at online casinos is straightforward. First, you must join an online casino supporting this payment method. Once you complete the registration, visit the Cashier page, and choose WebPay Plus as your preferred deposit method.

Click on the platform’s logo, and then choose Redcompra as the method you’ll be using to make payments. Enter the amount you wish to deposit, provide your 4-code, and confirm the transaction. That’s it! Once you’re done, return to the game lobby, pick your favourite game and have a great time!

How to Withdraw with Redcompra?

Unfortunately, you won’t be able to use Redcompra to withdraw your online casino winnings, as the WebPay Plus platform doesn’t support cashing out. To claim your money, you must find an alternative payment method. In most cases, a standard bank transfer will do the job.

Transfer Times, Fees, and Security

All deposits you make with a Redcompra card are processed in a matter of seconds, as they are debited straight from your bank account. On the other hand, Redcompra prepaid transfers take up to 24 hours to be completed.
As mentioned, Redcompra cannot be used for withdrawing. The money should arrive in your account in 1-5 working days when cashing out with a bank transfer.

Transbank has a wide range of fees in place. For example, exchange rates differ for debit and prepaid cards, ranging from 0.05% to 1.15%. Membership costs and charges for merchants also depend on the type of card used to carry out a payment.

Redcompra doesn’t charge any fees for online casino deposits. However, your casino and the bank can impose additional costs, so checking with them before depositing any money is best.

You will get your Redcompra debit card when opening a bank account. However, banks certified by the Chilean Commission for the Financial Market (CMF) are the only ones that can issue this card.

CMF is part of the Ministry of Finance, which ensures that all banking institutions in the country abide by its rules and regulations.
On the other hand, Transbank operates under the General Banking Law and is overseen by the Financial Market Commission.

The WebPay Plus platform, which facilitates online payments with Redcompra, uses the latest measures to create a safe online banking environment for its customers. They don’t have to provide personal information when making payments; all transactions use a 4-digit code as a confirmation.