New Transbank rate system authorized

On March 11, 2025, the Court for the Defense of Free Competition (TDLC) issued Resolution No. 86 in the case Rol NC No. 521-23 (Resolution), resolving the consultation filed by Transbank S.A. on the compatibility of its new fee system for the determination of the acquiring margin with the rules of free competition. This resolution was published today and is available to the general public.
The TDLC found that there was a substantial change of circumstances in the payment card market, mainly due to the move towards a four-party model and the entry of new acquirers. As a consequence of this change, the TDLC concluded that Transbank’s old rate self-regulation system (PAR), approved in 2006, is no longer in force, thus justifying the implementation of the first stage of the new rate system consulted and declaring its conformity with free competition regulations, although with a series of modifications detailed in the Resolution.
As for the request to liberalize the acquirer margin (second proposed stage), the TDLC rejected it for now, but allowed its eventual deregulation once Transbank reduces its participation in acquirer processing, measured in number of transactions, to less than 50%, for at least 6 consecutive months, which must be verified by the National Economic Prosecutor’s Office (Fiscalía Nacional Económica). However, the liberalization cannot be implemented until the Resolution becomes final and enforceable.
This Resolution represents an important step for Transbank, which remains the largest acquirer in Chile, after a long series of attempts before the competent courts to obtain legal certainty on its fee structure. However, appeals have already been filed before the Supreme Court, so it remains to be seen whether the highest court will agree with the TDLC’s decision.