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Trust and Agency Redistribution in CajaVecina's Payment Ecosystem


  • Bernardo Batiz-Lazo
  • Alarcon-Molina, Jose

    (Ministry of Health, Chile)

  • Espinosa-Cristia, Juan Felipe

    (Andrés Bello University)


The present study situates itself within the frame of domestic finances and technologies of the everyday. CajaVecina is defined as a correspondent banking system, managed by BancoEstado (Chile), and brings banking operations to groups of people who have been recently brought into the banking system and receive financial services at various points of sale (POS). Using a qualitative methodology based on structured interviews with managers, intermediaries, and merchants, we observe that the phenomenon of a bank's agency redistribution and the so-called correspondent banking is fundamentally based on what is known as operating quotas, from which BancoEstado diversifies risk and learns from the banking behaviors of stores. Nonetheless, it is information itself what allows a store to transform into a different kind of solution, independent of the bank, taking advantage of the levels of trust nurtured with its clients. This is how this system of payments and financial operations gets redistributed, with the result that the intermediary/correspondent assumes a dominion on its scope and operations and thus completely reformulates the so-called "payment space" for the bank, users, and intermediaries.

Suggested Citation

  • Bernardo Batiz-Lazo & Alarcon-Molina, Jose & Espinosa-Cristia, Juan Felipe, 2019. "Trust and Agency Redistribution in CajaVecina's Payment Ecosystem," Working Papers 19015, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
  • Handle: RePEc:bng:wpaper:19015

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    References listed on IDEAS

    1. Eleonora Rodrigues Loureiro & Gabriel de Abreu Madeira & Fani Léa Cymrot Bader, 2016. "Expansão dos Correspondentes Bancários no Brasil: uma análise empírica," Working Papers Series 433, Central Bank of Brazil, Research Department.
    2. N/A, 2016. "The UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 235(1), pages 3-3, February.
    3. Bátiz-Lazo, Bernardo & Haigh, Thomas & Stearns, David L., 2014. "How the Future Shaped the Past: The Case of the Cashless Society," Enterprise & Society, Cambridge University Press, vol. 15(1), pages 103-131, March.
    4. N/A, 2013. "The UK economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 225(1), pages 3-3, August.
    5. N/A, 2016. "The UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 236(1), pages 49-49, May.
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    More about this item


    correspondent banking; agency redistribution; payment space; special monies; classifications;
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