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ARTICLE · 15 SEPTEMBER 2026

CMF Opens Public Consultation On A Proposal To Expand The Complementary Activities Of Payment Card Operators

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Chile's Financial Market Commission has proposed regulatory amendments that would significantly expand the scope of activities available to payment card operators, introducing new services such as payment initiation, electronic funds transfer systems, and payout services to affiliated merchants. The proposal aims to leverage operators' technological capabilities while establishing clear conditions and safeguards for these complementary activities within the Chilean payments ecosystem.

ChileFinance and Banking
Fernando Noriega
Fernando Noriega
Agustín Domínguez
Agustín Domínguez
Gonzalo Ramos
Gonzalo Ramos

The Financial Market Commission (the “CMF”) has submitted for public consultation a regulatory proposal amending Circular No. 1 for Payment Card Operators, with the purpose of expanding the list of complementary activities that payment card operators (the “Operators”) may carry out.

The proposal seeks to expand the alternatives that Operators may offer to their affiliated merchants, leveraging the technological, operational and commercial capabilities associated with their activities and incorporating new services linked to the payments ecosystem, including payment initiation and solutions based on electronic funds transfers.

Key aspects:

  1. Payment initiation services. Operators may provide payment initiation services governed by Law No. 21,521 (the “Fintech Law”) and General Rule No. 514. Once the regulations applicable to those services come into force, Operators wishing to provide them must register in the Registry of Payment Initiation Service Providers and comply with the

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