The central bank implements a consultation policy that adjusts the credit card activities



It will be in consultation with market agents until 24 September.

The Central Bank reported that it has published, by mutual agreement, regulations that change the rules on credit card transactions in the country, which are available to market agents until 24 September to make comments.

The issuing entity has indicated that prior to this process it has consulted the various market players on new initiatives that are considered to evaluate or execute with respect to the supply or operation of retail payment resources, including financial products or services for this market; if not, what are the reasons for this? "

In contrast, the monetary authority has said that "some aspects in the current regulatory framework that can be improved or made more flexible" have been submitted by the Central Bank.

In this way the control panel will make two changes as reported. The first will be "to make the requirements of payment card brands more flexible with which operators can sign a contract".

This means "having new participants in the issue and operation of payment cards is a desirable goal, but the existing legal requirements could be an undesirable obstacle to access to and operation in the country of payment cards with the flag of brands. international level, but currently do not operate in Chile. "

And also consider adapting the rules for payment processing service providers (PSPs) that make payments and / or payments to affiliated entities.

The central bank clarified that "payment service providers are entities that, without being regulated by the issuer, have an interest in the operation of the retail payment market, and that even under certain conditions, payments can be settled to entities that have one or more payment card systems."


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