Business

Chilean antitrust Court rejects Mercado Pago's request for Transbank's fees review

TDLC declared inadmissible the request of Mercado Libre's financial subsidiary to consult its interconnection contract to Transbank

Photo by LABS
  • Chilean Senate recently approved a project that overhauls the structure of the local acquiring market;
  • Transbank has been enjoying the acquirer monopoly in Chile since the late 1980s.

Mercado PagoMercado Libre‘s fintech arm, had its query rejected by Chilean Tribunal for the Defense of Free Competition (TDLC, in Spanish).

The fintech needs to sign a contract with Transbank to start its cards operations in Chile, and it found the organization’s fees too high. But TDLC declared inadmissible the request of Mercado Libre‘s financial subsidiary to consult its interconnection contract to the company’s network controlled by the bank. TDLC’s full statement is available in Spanish here.

READ ALSO: Is the four-part model the formula to fix the “deadly sin” of the Chilean payments industry?

Sought by LABS, Mercado Libre said it will not comment on the matter for now.

Get the best insights about Latin America market in your inbox