meta_id 3412381

On August 12, 2026, the Financial Markets Commission (CMF) launched a four-week public consultation on proposed amendments to update the list of complementary activities that payment card operator companies may undertake. The consultation period runs until September 9, 2026. The CMF proposes to amend Annex 5 of Circular 1 for Payment Card Operators to reflect recent developments in the payments market, including new business models, innovative technological solutions, and new market participants. The regulator periodically reviews activities conducted by supervised entities to determine whether new functions can be incorporated as complementary activities for payment card operators without compromising applicable regulatory safeguards. The proposed amendments introduce three new complementary activities. First, payment initiation services would be added to the permitted activities. Second, the CMF proposes to allow implementation of electronic funds transfer (TEF) payment systems for affiliated merchants, which may be conducted in-person via payment terminals or remotely through payment buttons or equivalent mechanisms, provided that transferred funds are not retained and a contract exists with the funds account issuer. Third, payout services associated with transactions processed by the operator would be permitted as a complementary activity. The CMF said the objective of these amendments is to foster the development of new services, enhance competition, and promote innovation in the financial market. The regulator has published a regulatory report detailing the principal contents of the proposal alongside the consultation document. Stakeholders may submit responses to the consultation through the "Normativa en Consulta" section of the CMF's institutional website by September 9, 2026.