Ecuadorian regulators have approved sweeping new rules for credit, debit, and prepaid card transactions that eliminate merchant surcharges and ban sensitive data from physical plastic.
The Junta de Política y Regulación Financiera y Monetaria (JPRFM) issued the resolution to overhaul electronic payments, according to primicias.ec. The framework introduces strict security mandates, updates requirements for payment system participants, and unifies consumer protection guidelines across the financial sector.
Supervisory bodies including the Superintendencia de Bancos, the Superintendencia de Economía Popular y Solidaria, and the Banco Central del Ecuador face a six-month deadline to align their regulations with the new decree.
Non-financial firms can now offer acquiring services to help businesses accept card payments, provided they secure authorization from the Banco Central del Ecuador, primicias.ec reported. These non-financial acquirers must maintain a minimum capital of USD 500,000.
Payment aggregators that connect merchants to transaction processors face distinct financial thresholds. Under the regulation, these technology companies must hold a minimum capital of USD 250,000, with existing firms granted a one-year grace period to comply.
Commercial establishments must accept cards from multiple issuers and brands, supporting both physical and virtual formats. Acquirers must settle funds from routine card sales within a maximum of five business days.
Merchants are explicitly prohibited from applying extra fees or surcharges simply because a customer chooses an electronic payment method. The measure aims to eliminate pricing discrepancies based on the buyer’s payment choice.
Physical payment cards will no longer feature sensitive data printed on the plastic.
For internet purchases, the regulation mandates extra identity verification mechanisms at no additional cost to cardholders. Issuing entities must also provide simultaneous real-time notifications for transactions through at least two independent electronic channels without charging fees.
The Superintendencia de Bancos, the Superintendencia de Economía Popular y Solidaria, and the Banco Central del Ecuador have a six-month window to adapt their rulebooks, while existing payment aggregators have a full year to meet the new capital thresholds.
Issuers must maintain continuous customer service channels operating 24 hours a day, seven days a week, to handle immediate card blockages, inquiries, and loss reports. Issuers are legally required to refund consumers for fraudulent transactions occurring after a theft report or stemming from internal security failures.
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