On August 12th, the Financial Market Comission (CMF, for its initials in Spanish) published a regulatory proposal that seeks to expand the list of complementary activities that payment card operators may engage in.
The main objective is to promote innovation and competition in the payments market by allowing these entities to leverage their technological and operational capabilities for the benefit of merchants and end users.
Specifically, the proposal introduces amendments to Annex 5 of Circular No. 1 on Operators, suggesting the addition of three new service areas:
1. Payment initiation services: This allows operators to offer this service by leveraging their merchant networks and technological support. Interested entities must also comply with the requirements of the Fintec Law once its provisions become enforceable.
2. Implementation of payment systems via EFT: This allows operators to implement payments via Electronic Funds Transfers (TEF, for its initials in Spanish) for affiliated merchants, both in person and remotely (payment buttons), provided that funds are not held by the operator and that an agreement is in place with the account issuer.
3. Payout services: Enables payout, defined as services through which an affiliated merchant (whether domestic or foreign) instructs the Operator to distribute funds processed from transactions paid by customers using payment cards to suppliers or service providers domiciled in Chile, in compliance with obligations arising from the affiliated merchant’s business activities. The proposal considers this activity to be an operational extension of the settlement processes associated with payments already processed by the Operator.
The public consultation process will remain open until September 9th, 2026. During this period, market participants and other interested parties may submit comments regarding the definition of these activities, the associated risks, and the potential impact on competition. Details of the proposal and the corresponding regulatory report are available on the CMF Chile institutional website.