Cards: Inquiry for Commission Regulation

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.

Tuesday, August 4, 2020

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.

This law establishes that the Central Bank must determine the maximum interchange fees that issuers may charge, as well as the maximum acquisition fees and maximum limits to other fees and charges established by service providers for the use of payment devices, in order to promote the efficiency and security of the card system and guarantee the lowest possible cost for members.

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The document highlights that the maximum initial exchange fee will be 1.25% for all economic activities and company sizes, except for the activities of service stations and charitable organizations, which will continue to be subject to the 1% fee as previously agreed by interbank agreement of the issuers.

The maximum initial acquisition fee for all business activities and sizes of companies will be 2.5% and will be reduced by 25 percentage points on 1 July 2021 and by 50 percentage points on 1 July 2022 to 1.75%. This proposal is for a first phase, says the publication.

The document adds that "... The acquiring service provider must deliver a daily report of payment operations and a monthly report of costs to the affiliated commerce where it demonstrates, on a monthly basis, that the total of its monthly charges does not exceed the maximum defined acquiring commission."

See full study in The Gazette (in Spanish).

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