International Updates: Argentina Considering Legislation to Reduce Credit and Debit Bankcard Swipe Fees (MAG Quarterly- Volume Four, Issue Four)
By Liz Garner, Vice President, Merchant Advisory Group
December 1, 2016
On September 7th, the Argentinian Senate unanimously passed legislation to eliminate debit card swipe fees, which are currently set at 1.5%, and to reduce credit card fees from 3% to 1.5%. The proposal was brought forth by the Chamber of Deputies. The General Assembly will likely vote on the bill in early November. If the bill passes, it will then be sent to the President for his approval.
Currently, Argentinian businesses and consumers are paying more than double what other countries, such as Peru (1.5%) and Brazil (1.3%) are paying in credit card swipe fees putting Argentinian businesses at a competitive disadvantage to those in neighboring countries.