Argentina: Business Community bashes “VISA Monopoly”

Argentina’s businessmen have recently gone on the offensive against credit card issuers, in what many have called an abuse of dominance over excessive commission charges and other obligations.

Argentina’s Chamber of Commerce (CAC) and the Chamber of Argentine Merchants (CAME) has made a series of presentations before various government authorities, pressuring the Government of president Mauricio Macri into taking a stand against the high rates charged by credit and debit card issuers.

“Compared to other countries, in Peru they pay a commission on credit card sales of 1.5%, in Brazil it’s 1.3% and in Spain or Italy under 1%. This means that the 3% charge in Argentina is double the average for the continent” said the CAME in a statement before the Central Bank. The two industry groups’ declarations are expected to be included into a months-long investigation by the country’s revitalized competition authority, the National Commission for the Defense of Competition (CNDC), looking into card issuers’ alleged abuse of dominance and unfair business practices.

Full Content: I Profesional

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