Chile: Prosecutors push to end Transbank’s monopoly

Chile’s National Economic Prosecution (FNE) has moved once again to end the monopoly held by Transbank, the company which handles the credit card transactions within the country, and which authorities say has harmed consumers since its 1991 inception.

On January 13th 2017 the country’s competition authority, the TDLC, issued a recommendation to modify the legal concepts and all necessary regulations to allow for greater competition in the credit card payment industry. The court’s statement recommends “prohibiting joint actions by issuing banks when acquiring accounts”. In other w…

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