CMF publishes regulatory amendments on the regulation of payment card issuers and operators

The amendments seek to promote a more modern, secure, and efficient payment ecosystem.

On July 23, the Financial Market Commission (CMF) published a series of regulatory changes affecting payment card issuers and operators, in response to adjustments made by the Central Bank of Chile to its Compendium of Financial Regulations.

These actions seek to align Chilean regulations with technological and market advances, promoting a more modern, secure, and efficient payment ecosystem.

According to the Central Bank of Chile, the changes substantially reformulate the regulations applicable to Payment Service Providers (PSPs) and incorporate two new business models:

Alternative systems: For making payments abroad with cards issued in Chile (known as cross-border acquiring models).

Closed payment systems: Between accounts belonging to the same prepaid card issuer.

These changes are verified in both Circular No. 1 on Non-Bank Payment Card Issuing Companies and Circular No. 1 on Payment Card Operating Companies. In addition, certain requirements are incorporated for companies that issue bank payment cards.

The main aspects of the modifications include the following:

New regulations for contracts and services

Issuers are instructed to request accreditation of compliance with standards when contracting services with Payment Service Providers (PSPs).
Minimum requirements are established in contracts between issuers, sub-acquirers, and PSPs that provide sub-acquisition services.
Responsibilities and obligations in contracts with affiliated entities and operators are clarified, particularly in matters of payments, provision of funds, and refunds.
Reporting of violations is mandatory, especially in cases of non-compliance related to provision or refund to the CMF.

Improvements in liquidity transfer and reserve processes

The rules for electronic funds transfers (EFT) and procedures for making transfers are refined, taking into account interconnection and interoperability.
The formula for determining the liquidity reserve required of issuers and operators is adjusted.

Inclusion of cross-border acquiring activities

Card issuers are allowed to incorporate cross-border acquiring into their corporate purpose, enabling the affiliation of foreign merchants with cards issued in Chile.
The application for authorization to operate must specify whether the company will act as an operator or sub-acquirer and whether it will carry out international acquiring activities.

Regulations for operators and sub-acquirers

Additional requirements are established for those who provide services under contracts with other operators, referred to as “sub-acquirers.”
Operating limits, capital requirements, and the obligation to formalize contracts with issuers or payers are defined.
Operators and sub-acquirers are required to report quarterly on complementary activities and entities served.

Cross-border acquiring and sub-acquiring

The activity of receiving payments abroad with Chilean cards is regulated, including the conditions for an issuer to make international payments, either through a foreign operator or one domiciled in Chile.
Measures are established to manage exchange rate risks and conditions for accessing this modality, with a new Annex No. 6 detailing the necessary background information, including conditions of exercise, application requirements, and mitigation measures.

Additional procedures and requirements

The regulations allow operators, including sub-acquirers, to include international acquiring activity in their corporate purpose.
A quarterly reporting requirement on complementary activities is introduced, and new rules are created to limit and regulate cross-border operations.

Finally, we would like to mention that these modifications were the result of a public consultation process carried out between December 2024 and February 2025, with the participation of 23 entities and trade associations from the sector, whose comments were taken into account to improve the regulations.

For more details, you can review the regulation at the following link:

To discuss the scope of these amendments in greater detail, please contact our Corporate and Business team:

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