The court of Brazil's antitrust regulator Cade said April 5 it approved two agreements, known as TCCs, with Itaú Unibanco Holding SA and its subsidiaries, Rede and Hipercard, regarding investigations of the companies' anticompetitive practices in the electronic payment market.
Cade said the first agreement was signed by Itaú and Hipercard to end the existing exclusivity between the Hipercard banner in relation to the Rede accreditation, under the same group. Through this, Hipercard will enable other accreditors to compete with Rede for the capture of debit and credit card transactions.
The agreement lasts two years, in which Hipercard will have to meet deadlines with targets for the capture of other accreditors, which should be open for approval on April 30.
The second agreement, which was signed with Rede, will allow the insertion of cryptographic keys from competing vendors in its pinpad equipment, which are machines that capture transactions with retail debit and credit cards. The regulator said that Rede and its main competitor, Cielo S.A., have entered their respective cryptographic keys reciprocally, giving pinpad access to each other, but refused to give the same access to other competitors.
Under the new legal agreements, Cade said it is suspending administrative inquiries in relation to the three companies once the agency certifies that the parties have fully complied with the stipulations. However, it warned that investigations into anticompetitive practices in the electronic payment market continue in relation to Cielo, Banco Bradesco SA, Banco do Brasil SA, Elo, Alelo, Amex and Ticket.