Copec Pay
Copec Pay is the digital financial services arm of Chilean fuel retailer Copec S.A., offering a free prepaid Mastercard account embedded in the app Copec super-app for Chilean consumers, with cash access via Pronto stores and international remittances.
- Company typePrivate
- Founded2022
- Headquarters—
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Copec Pay does
Copec Pay is the digital financial services arm of Copec S.A., Chile's largest fuel retailer, operated through the legal entity Compañía Emisora de Medios de Pago Digitales S.A. Founded in 2022, it provides a free prepaid digital account embedded within the app Copec super-app, paired with a physical and digital Copec Pay Mastercard issued under a Mastercard partnership. The account supports free unlimited bank transfers, free cash deposit and withdrawal at Pronto and Punto convenience stores across Chile, salary deposits, bill payment, bip! transit card remote loading, toll payment, and international money transfers to nine countries including Venezuela, Colombia, Peru, Argentina, Bolivia, Ecuador, the USA, Spain, and Haiti via cash-pickup partners Efecty and Italcambio.
The underlying technology stack is a digital prepaid account platform integrated into the app Copec (available on iOS as 'Muevo' and on Google Play), with self-serve onboarding via ID upload and selfie verification. The physical Mastercard features no magnetic stripe and no printed card data, leveraging chip and contactless technology for security. The product architecture unifies fuel payment (Escanea y Paga barcode scan), Pronto convenience store purchases, Full Copec loyalty point accumulation, parking, bip! loading, and Blue Express courier services into a single super-app interface.
Copec Pay's business model relies on a freemium consumer product where all core services (account, digital card, transfers, cash handling, salary deposit) are free to end users. Monetization is indirect: Mastercard interchange on every transaction made with physical and digital cards (domestic and international), FX spread on cross-border remittances, and a one-time 990 CLP fee for physical card issuance when paid via Copec Pay balance (3,500 CLP via other methods). The go-to-market is product-led growth embedded in the Copec ecosystem, with no sales team required, supported by a 'Comparte y Gana' referral program that rewards both referrer and referred user with fuel discounts and Pronto café coupons. Customer acquisition is driven by the captive Copec fuel station and Pronto/Punto convenience store network rather than paid marketing.
Copec Pay firmographics
Firmographics- Name
- Copec Pay
- Legal name
- Compañía Emisora de Medios de Pago Digitales S.A.
- Website
- https://appcopec.cl
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Copec Pay is the digital financial services arm of Chilean fuel retailer Copec S.A., offering a free prepaid Mastercard account embedded in the app Copec super-app for Chilean consumers, with cash access via Pronto stores and international remittances.
- Ownership category
- akta.pro rank
Copec Pay industry classification
Industry- Product category
- Mobile Payments / Digital Financial Services
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH), Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
Keywords
Copec Pay business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure, Others
Revenue model
- Interchange and card transaction fees: Revenue is generated from interchange fees on every Mastercard transaction made with Copec Pay physical and digital cards, both domestic and international. Additional revenue comes from the spread on international currency exchange for cross-border transactions.
- Physical card issuance fee: A $990 fee is charged for the physical Copec Pay Mastercard card when purchased using Copec Pay balance. This is a one-time revenue event per card issuance.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free tier — all core services |
| Unit Pricing | Pay-as-you-go | Physical Mastercard card |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Copec Pay product offering
Product offeringCore offering
Copec Pay is a 100% free prepaid digital account embedded within the app Copec (a super-app), offering users a physical and digital Copec Pay Mastercard, free unlimited bank transfers, cash deposit and withdrawal at Pronto convenience stores across Chile, salary deposit reception, and international money transfers to nine countries. The service is operated by Compañía Emisora de Medios de Pago Digitales S.A., a subsidiary of Copec S.A., Chile's largest fuel retailer, and is tightly integrated with the Full Copec loyalty program, Pronto/Punto convenience stores, Copec fuel stations, and Santiago's bip! transit card.
Product overview
Copec Pay is a digital prepaid account embedded within the app Copec, positioned as a super-app for Copec's fuel station and retail ecosystem. The core product is the Copec Pay prepaid digital account, which supports transfers, bill payments, salary deposits, and international remittances. It is paired with a physical and a digital Copec Pay Mastercard for in-person and online payments. The broader app Copec serves as the platform housing multiple modular services: Escanea y Paga for barcode-based fuel and store payments; the Full Copec loyalty program for point accumulation and redemption; Parking Digital for parking payments; Recarga bip! for Santiago transit card top-up; Pronto convenience store integration with advance ordering; Abono y Retiro de Efectivo for cash deposit/withdrawal at Pronto registers; and Blue Express for courier services. Copec Pay users receive exclusive benefits including fuel discounts, Pronto store discounts, and 50% bonus Full Copec points on Copec station and Pronto purchases.
Differentiator
Problem solved
Functional benefit
Brands
- Copec Pay Mastercard: Physical and digital prepaid Mastercard debit cards linked to the Copec Pay account, accepted at merchants worldwide.
Products and services
- Copec Pay Digital Prepaid Account A 100% free prepaid digital account embedded within the app Copec. Lets Chilean consumers transfer money, pay bills, make Mastercard purchases online and in person, receive salary deposits, deposit and withdraw cash at Pronto stores, and perform international transfers.
- Tarjeta Física Copec Pay Mastercard A physical prepaid Mastercard with no magnetic stripe and no printed card data for enhanced security, purchasable for $990 CLP at Pronto and Punto convenience stores when paid with Copec Pay balance. Used for in-person purchases at any Mastercard-accepting merchant in Chile and internationally.
- Transferencias al Extranjero (International Money Transfers) International remittance service from Chile to nine countries, supporting bank account transfers, digital wallet transfers, and cash pickup at Efecty (Colombia) and Italcambio (Venezuela) partner branches, with up to 50% discount on commissions.
Quantifiable outcome
- $10 discount per liter on all fuel loads when paying with Copec Pay
- +5 more outcomes
Companies that use Copec Pay
Customer profileSegments2 records
Ideal customer profiles1 record
Copec Pay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Copec Pay partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- Mastercard (Copec Pay Mastercard)coreCopec Pay issues both physical and digital Mastercard-branded prepaid cards. The Mastercard partnership enables global acceptance for in-person and online purchases at any Mastercard merchant worldwide. The physical card is notable for having no magnetic stripe and no printed card data, leveraging Mastercard's contactless and chip technology.
- Sushi RygeminorCopec Pay users receive 40% discount on total purchase at Sushi Ryge, valid Friday through Sunday with a $10,000 CLP transaction cap. This is part of Copec Pay's alliance strategy to offer exclusive merchant discounts to its cardholders.
- RappiminorCopec Pay users receive a $3,000 CLP credit on Rappi orders over $10,000 CLP. Reinforces Copec Pay's positioning as a daily-use financial tool with tangible consumer benefits.
- Mercado LibreminorCopec Pay users receive 20% off on Mercado Libre supermarket purchases. Aligns with Copec Pay's expense management use case and consumer spending market.
- Crudo Sin CensuraminorCopec Pay users receive 40% discount at Crudo Sin Censura restaurants, valid Friday through Sunday with a $10,000 CLP transaction cap.
- El TallerminorCopec Pay users receive discounts at El Taller as part of the Copec Pay merchant discount program.
- Efecty (Colombia)coreEfecty is a major Colombian cash withdrawal network used by Copec Pay for international remittance services. Recipients in Colombia can withdraw CLP-sent funds as COP cash at any Efecty branch across the country.
- Italcambio (Venezuela)coreItalcambio is a Venezuelan financial services company used by Copec Pay for international remittance cash withdrawals. Recipients in Venezuela can withdraw USD or VES cash at Italcambio branches.
- Papa JohnsminorPapa Johns is listed among Copec Pay merchant partners offering discounts to Copec Pay Mastercard cardholders.
- Pronto / Punto StorescorePronto and Punto convenience stores owned/operated by Copec serve as the physical distribution network for Copec Pay — selling physical cards, processing cash deposits, and handling cash withdrawals. This is a captive internal channel that is integral to Copec Pay's operations.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Copec Pay competitors and assessment
Company assessmentDirect peers
- MACH: MACH is a Chilean prepaid Mastercard digital account that targets similar unbanked and underbanked consumers with free transfers, a physical card, and integrations with Rappi, Uber, and other merchants. It is the closest direct competitor to Copec Pay in the Chilean digital wallet space.
- Tenpo: Tenpo is a Chilean neobank offering a free digital account with Mastercard debit, transfers, savings, and bill pay. It targets the same Chilean consumer segment as Copec Pay with a similar freemium, app-led model.
- Prex: Prex is a LATAM prepaid Mastercard (originally Uruguayan, now expanding across the region including Chile) that targets underbanked consumers with a free account, card, and cross-border transfers — directly comparable to Copec Pay's positioning.
- Mercado Pago: Mercado Pago is the dominant LATAM digital wallet tied to Mercado Libre, offering prepaid accounts, Mastercard cards, payments, credit, and merchant acquiring across Chile. It directly competes with Copec Pay for everyday consumer payment volume and merchant acceptance.
- Ualá: Ualá is a LATAM prepaid Mastercard digital wallet operating in Argentina, Mexico, and Colombia. It mirrors Copec Pay's product structure (free prepaid account, physical + virtual Mastercard, remittances) and competes for the regional underbanked consumer segment.
- Súper Digital (Banco de Chile): Súper Digital is Banco de Chile's digital-only account offering a prepaid Mastercard, free transfers, and cash-in at retail points. It is a direct Chilean competitor with a similar free-account-and-card value proposition to Copec Pay.
Broad incumbents
- Nubank: Nubank is the largest LATAM neobank, operating in Brazil, Mexico, and Colombia with free digital accounts, credit cards, and personal loans. It does not yet serve Chile but represents the broader incumbent neobank category competing for the same digital-first consumer.
- PayPal: PayPal is a global digital wallet and payment network with broad consumer and merchant acceptance. It is a broader incumbent competing for online and cross-border wallet share that overlaps with Copec Pay's digital Mastercard use cases.
- Cuenta RUT (BancoEstado): Cuenta RUT is BancoEstado's basic no-fee deposit account with a debit card, used by a majority of Chilean adults including the unbanked and underbanked. It is the incumbent free-banking alternative Copec Pay must displace or complement.
- Alipay: Alipay is the archetypal super-app embedded wallet from Ant Group, integrating payments, lifestyle services, and merchant benefits inside a single app. It is the closest broad incumbent analog to Copec Pay's super-app positioning within app Copec.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Copec Pay social profiles
Digital presenceCopec Pay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Copec Pay leadership team
Management profileNumber of profiles
Copec Pay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Copec Pay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Copec Pay
What does Copec Pay do?
Copec Pay is a 100% free prepaid digital account embedded within the app Copec (a super-app), offering users a physical and digital Copec Pay Mastercard, free unlimited bank transfers, cash deposit and withdrawal at Pronto convenience stores across Chile, salary deposit reception, and international money transfers to nine countries. The service is operated by Compañía Emisora de Medios de Pago Digitales S.A., a subsidiary of Copec S.A., Chile's largest fuel retailer, and is tightly integrated with the Full Copec loyalty program, Pronto/Punto convenience stores, Copec fuel stations, and Santiago's bip! transit card.
Is Copec Pay a public or private company?
Copec Pay is a private company. It is classified as corporate owned and is currently operating.
When was Copec Pay founded?
Copec Pay was founded in 2022. It employs 1 to 10 people.
How does Copec Pay make money?
Two revenue lines are on record. Interchange and card transaction fees are the primary driver. The others are physical card issuance fee.
Who are Copec Pay's main competitors?
Direct peers on record are MACH, Tenpo, Prex, Mercado Pago, Ualá and Súper Digital (Banco de Chile). Broad incumbents are Nubank, PayPal, Cuenta RUT (BancoEstado) and Alipay.
Does Copec Pay have an API?
No public API is recorded for Copec Pay.
What industry is Copec Pay in?
Copec Pay's product category is Mobile Payments / Digital Financial Services. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of THALAHAH, Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets).