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ARTICLE · 11 MAY 2016

New Regulation On Prepaid Cards

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The amendments to Chapter III.J.3 of the Compendium of Financial Regulations of the Central Bank introduced a new regulation on prepaid cards (Payment Cards with the Provision of Funds), which seeks to achieve greater financial inclusion by strengthening and promoting this payment method, which has not yet achieved the expected market penetration.

ChileFinance and Banking
Diego Peralta
Diego Peralta
Elena Yubero
Elena Yubero
Paluska Solar
Paluska Solar

The amendments to Chapter III.J.3 of the Compendium of Financial Regulations of the Central Bank introduced a new regulation on prepaid cards (Payment Cards with the Provision of Funds), which seeks to achieve greater financial inclusion by strengthening and promoting this payment method, which has not yet achieved the expected market penetration.

The first draft of this regulation is from June of last year, which received many comments from both banks and regulators. These comments prompted the strengthening of the first draft, resulting in the regulation that is currently in place.

This new regulation has introduced a clear and specific concept of Provision of Funds Accounts. These "Provision of Funds Accounts" are those with a sole purpose of receiving funds for the provision of the cards to be used as a payment method.

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