Argentina: Competition authority presents Credit Card and E-payment sector analysis

Argentina’s competition authority CNDC presented on monday the results of their first look into the credit card and e-payment sector in the country, followed by a series of recommendations for the central bank and the Ministry for Commerce.

The CNDC’s results identified some problems in the sector, including a lack of competition and transparency; high commissions; and technological backwardness. The agency also announced its decision to begin an investigation into possible anti-competitive practices against credit card operator Visa and its local shareholders. Among other recommendations, the CNDC also proposed that the exchange rate charged by card-issuers should be regulated, as this charge accounts for 95% of the total commission costs of 3%.

The report is the first of 11, which the CNDC announced in April and are meant to evaluate the current state of competition in vital sectors for the country’s economy, consumption and production.

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