Posted On 13 Sep 2016
The public company Yachay found a niche market. But to ensure its entry into the credit and debit cards processing business, it requested an investigation by the Superintendency of Control of Market Power.
Hector Rodriguez, manager of the company, filed a complaint for alleged monopolistic practices against five private companies that hoard 75% of the market, he said.
He also claimed that these “exclude” small traders from obtaining electronic payment mechanisms (card readers) and require them an affiliation.
According to him, “there is not a great deal of science” in the manufacturing of the cards readers and he stated that Yachay is able to make them. The objective? To facilitate people payment mechanisms without a high cost.
The Superintendency will meet today with the five ‘defendants.’