Banking Cards: Commission Regulation Announced

In Costa Rica, the authorities will begin to regulate the fees that form part of the commissions, which are charged when an electronic payment is made.

Thursday, July 25, 2019

After the Ministry of Economy, Industry and Commerce (MEIC) requested the Commission to Promote Competition (COPROCOM) on July 27, 2018, the investigation of the interbank rates market in the service of acquiring electronic payment methods, Opinion No. 16-2019 of June 11, 2019 was issued.

The Opinion of COPROCOM states that "... it is evident from the structure of the markets involved and their particularities that there is no competition policy capable of solving the structural problem that impedes effective competition for the determination of exchange rates. It is for this reason that the intervention of the State is considered either in the supervision or in the regulation of exchange commissions, which is indispensable today to guarantee their transparent and objective functioning."

See "Banking Cards: Objections to Commission Regulation” and "Credit Cards and Regulation

The ministerial statement issued on July 23 explains that "... the Ministry of Economy, Industry and Commerce (MEIC) will initiate the regulation process established in Article 5 of the Law for the Promotion of Competition and Effective Defense of Consumers, Law No. 7472 and its regulations, for the particular case of the exchange fees that form part of the commissions, which are charged in payment operations carried out in point of sale terminals, or any other type of technology, located in the country, regardless of the marketing channel and the means of payment used.

According to the Department of Economic and Market Research (DIEM), there are 8.95 million units in circulation, 3 million in credit and 5.95 million in debit, in terms of the evolution of the credit and debit card market
."

In the same context, in December 2018 a proposal was presented in the country that seeks that the Central Bank of Costa Rica and the Commission to Promote Competition, set a single percentage in the commissions paid by businesses for accepting credit or debit cards.

The bill is currently in the mandatory consultation stage in the Economic Affairs Commission of the Legislative Assembly.

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More on this topic

Cards: Inquiry for Commission Regulation

August 2020

From August 4th and during 10 working days, the Central Bank of Costa Rica will submit to public consultation the technical study regarding the First ordinary fixing of commissions of the payment card system and the proposal of Regulations of the Payment Card System.

This study and proposed regulation are being carried out in accordance with the provisions of the Law of Maximum Commissions of the Payment Card System, Law 9831, of March 21, 2020, informed the monetary authority.

Banking Cards: Objections to Commission Regulation

July 2019

Not considering the costs of the collection process, nor market conditions, are some of the failures that banks identify in the bill being discussed in the Legislative Assembly of Costa Rica.

In December 2018, a proposal was presented in the country that seeks that the Central Bank of Costa Rica and the Commission to Promote Competition, set a single percentage in the commissions that businesses pay for accepting credit or debit cards.

Credit Cards and Regulation

February 2019

Limiting the fees charged in Costa Rica and establishing a law that defines market limits in Guatemala are part of the attempts being made in the region to regulate the use of credit cards.

A law proposal presented last January before the Legislative Assembly of Costa Rica, aims to regulate the percentage of the commission paid by businesses for credit or debit cards.

Commission Regulation for Card Payments

January 2019

In Costa Rica, the Central Bank and the Commission to Promote Competition are proposed to set a single percentage in the commissions paid by businesses for accepting credit or debit cards.

Law 21.177, which aims to empower the government to regulate the commissions charged by financial institutions to businesses, was presented to the Legislative Assembly by several deputies.

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