MEXICO CITY (El Universal).— As an ex officio investigation, the Investigative Authority of the Federal Economic Competition Commission (Cofece) will initiate an analysis of the services market related to credit card transactions in the form of deferred payments to months without interest.
In the Official Gazette of the Federation it was announced that Cofece “had knowledge of facts that constitute the beginning of the possible realization of absolute monopolistic practices” for which it opened file IO-002-2022.
The investigation considers credit cards that defer payments to months without interest, which are usually terms of six, 12, 18 or 24 months.
“In order to carry out these transactions, it is necessary that there are payment systems that allow it, physical stores with a point of sale terminal or virtual stores that offer the option of making purchases under this modality, financial institutions that offer lines of credit and a card associated with the same, clearing and payment settlement services, among others that make monthly purchases possible without interest”, he said.
Until June 2021, banking institutions and multipurpose financial companies reported to the Bank of Mexico 25.1 million cards for individuals with a balance of 344 billion pesos, of that balance, 49.7% used monthly promotion schemes with or without interest, equal to 11 million cards.
According to Cofece, fixing prices, establishing mechanisms to restrict supply in the investigated market and exchanging strategic information would merit fines of up to 10% of the company’s income.