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The antitrust agency in Mexico is targeting the Mexican financial sector. The Federal Commission for Economic Competition (Cofece) has, for the fourth time, launched a survey related to this industry, concerning possible obstacles to competition in the card payment system.
"We will analyze all players in the market: buyer, receiver, clearing house, what we will analyze, and not in particular," Sergio López, head of the research unit of the Federal Commission for Economic Competition (Cofece).
Since the Cofece has new tools to eliminate antitrust practices, investigations have focused on collusion between pension fund managers (Afore ), as well as possible monopoly practices between credit bureaus and debt securities intermediaries.
On this occasion, the research unit has indications that there are no conditions of effective competition in the card payment system, which, if proven, would affect the banking system and the financial inclusion. published this Friday in the Official Journal of the Federation. "This procedure examines all the fees, allowances and protocols that clearing houses perform to process card payments for the purchase of goods or services," the authority said. the DOF.
The inquiry opened by the trade can last up to 360 working days. The options are that it results in a notice of alleged liability or that the investigation is terminated due to insufficient evidence. If Cofece determines that there are obstacles to competition, it may impose mandatory measures on economic agents in the sector, but it does not consider sanctions.
Lee: The credit bureau, the Cofece bench
"These measures have to do with the functioning of the market, not whether an agent is collaborating with someone or abusing his power," said Sergio López. "You can see that it is a very important market for the national economy and that it is part of the financial sector, a priority for Cofece," he added.
In Mexico, banks own the card payment processing infrastructure. There are two perspectives for card transactions: E-Global and Prose. The first belongs to Banamex and BBVA Bancomer; and the second to Scotiabank, Banorte, Santander, HSBC, Invex and Banjército.
Usually, acquiring banks charge merchants a monthly rent for acceptance of card payments or transaction and maintenance fees. They may also require an average minimum balance. In addition, the acquiring bank must pay the exchange fees to the issuing bank and cover the costs of processing the switch or clearing house, Cofece explained in a study conducted in 2014.
According to the Bank of Mexico, issuers need to access the services offered by processors on a non-discriminatory basis in order to be competitive in the marketplace.
Banamex, Banorte, BBVA Bancomer, HSBC, Santander and Scotiabank account for 83% of point-of-sale terminals, according to data from Cofece's 2014 study.
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