Argentina: No agreement between service stations and VISA in Santa Fe

The Service Stations Association the Argentine Province of Santa Fe, FAENI, met in mediation with the entities that own Prisma, which controls VISA´s credit card services in Argentina. After failing to reach an agreement, a new meeting was announced for October 31.

FAENI demands a substantial reduction in the crediting period imposed by the credit card company, giving a maximum period of 30 calendar days. In addition, they argue, the tariffs charged by these operating banks are between 5 and 6 times higher than those charged in similar countries. Thus, they argue, the vertical integration between the banks that make up Prisma represents an abuse of dominance for this sector of the market.

The legal action is part of a comprehensive plan deployed from FAENI, which includes a lawsuit before market regulator CNDC and a bill that has been progressing among legislators.