Banco Central de Chile has relaxed requirements for international card brands by allowing them to more easily partner with local operators.
According to the central bank, the decision should "facilitate the entry of new brands to the national market," while also offering offering domestic operators new alternatives that could allow for the development of new business models.
Under the earlier rules, payment card operators conducted their activities under a contract with a card issuer or card brand owner. The new rules will allow operators to also associate with other operators, so long as they "clearly define" which is responsible for paying affiliated merchants.
The move comes after the central bank in August put forward a proposal to modify rules for credit card operations in an effort to allow new participants to more easily enter the space. At the time, the regulator noted that current rules presented barriers for international brands who might want to join the Chilean market.