The Chilean Ministry of Finance announced that measures will be taken to allow more players to enter the card payments system in the country, thus ending the de facto monopoly that Transbank has.
Felipe Larraín, the finance minister, said they hope to implement a working plan to progressively increase competition in this market. The MoF will meet with Visa, MasterCard, BancoEstado and other card issuers in Chile to achieve this.
Pablo Correa, vice president of BancoEstado, said that “the payments system in Chile needed a modification. It’s a system that works well and has achieved quite high penetration rates, but it needed more competition.”
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