Chile's Financial Market Commission (CMF) set new deadlines for payment card operators working under a transitional regime to complete their registration. The rule, published on Wednesday, November 4, 2026, amends Circular No. 1 for Payment Card Operating Companies and sets three milestones in 2027: January 31, March 31 and May 31, according to the CMF press release. It takes effect on publication.
Operators are the companies that sign up merchants and process and settle payments made with credit, debit and prepaid cards: the link that gets a card payment into the store's account. The rule covers entities included in numerals 1 and 2 of the transitional provisions of Chapter III.J.2 of the Central Bank's Compendium of Financial Regulations. According to the CMF, it seeks to "provide regulatory certainty and facilitate the orderly transition" of these companies to the permanent regime.
- November 4, 2026The rule is published and takes effect
- January 31, 2027Authorization of existenceSubmit all required documents.
- March 31, 2027Operating test planPlan report and documents for its evaluation.
- May 31, 2027Authorization to operateSubmit all required documents.
| Deadline | What operators must submit |
|---|---|
| January 31, 2027 | All documents to obtain the authorization of existence |
| March 31, 2027 | Operating test plan report and documents for its evaluation |
| May 31, 2027 | All documents to obtain the authorization to operate |
Source: CMF press release, November 4, 2026 and General Rule No. 579.
What payment card operators do
Since 2017 Chile has operated under the so-called four-party model, which separated the card issuer (the bank or company that issues the card and bills the holder) from the party that signs up merchants (the acquiring operator). Before, a single channel issued cards and signed up stores. Today issuers and operators each sign with the card brand, not with each other, and several operators compete for merchants, the CMF explained in a presentation to journalists on November 3.
A card payment today passes through up to six players: the customer, the merchant, the gateway or payment service provider, the operator, the card brand and the issuer. To give a sense of scale, Getnet, Santander's operator, had about 297,000 operating terminals and more than 238,000 affiliated merchants as of September 2026, according to the bank's filing with the SEC. The bank's figures are in our article on Santander Chile's third-quarter earnings.
What the CMF requires for registration
The minimum bar to take part in the payment system includes registration with the CMF with an exclusive line of business and minimum capital of 10,000 UF or 20% of daily payments, plus a liquidity reserve, according to the CMF presentation. With the UF at CLP 41,268.88 on November 4, 10,000 UF is about CLP 412.7 million.
| Requirement | What it means |
|---|---|
| CMF registration | Registration as operator or issuer, exclusive line of business |
| Capital and liquidity | 10,000 UF or 20% of daily payments, plus a liquidity reserve |
| Cybersecurity | Information security management system approved by the board |
| Authentication and fraud | Confirm the payer is the cardholder and refund users in case of fraud |
| Know your customer | Identify customers and report suspicious transactions to the UAF |
| Continuity and interoperability | Plans to keep operating and connection to networks so any card works at any merchant |
Source: CMF, "Evolution of the payment system" presentation, November 3, 2026, based on Circular No. 1 for Payment Card Operating Companies and Central Bank Chapter III.J.
Does your company process payments, issue cards or run a fintech? Tell Pauta Financiera's readers.
See advertising optionsChile's payment system, in figures
The change over the last twenty years is huge. In 2025 there were 1.8 billion electronic funds transfers (TEF), about 135 times the 13.3 million of 2008, and in 2026 35.8% of merchants' in-store sales are already paid by transfer, according to data from the Central Bank, the clearing house and a survey by ChilePay and the National Chamber of Commerce cited by the CMF. The flip side is fraud: complaints of payment fraud totaled US$98 million in the first half of 2026.
View the data as a table
| Transfers in 2025 | 1,800 million |
| In-store sales paid by transfer | 35.8% |
| Transfers to merchants checked by hand | 89% |
| Reported fraud, first half | US$98 million |
From the Fintech Law to 2027: the calendar for payment card operators
The CMF's deadlines coincide with another big change: in July 2027 the Open Finance System (SFA) created by the Fintech Law takes effect, allowing payments straight from the customer's account, without a card, through a new player, the payment initiator, which will also have to register with the CMF. The technical rule (NCG 569) was issued in June 2026. For customers, that means account-to-account payments will compete with cards at the checkout.
- 2004Central Bank launches the RTGS systemReal-time high-value payments.
- 2005Law 20,009Protects cardholders against theft or loss.
- 200824/7 online transfers begin
- 2016Law 20,950Allows non-bank prepaid cards.
- 2017Four-party model
- 2020Fraud Law 21,234Refunds and security duties.
- 2021Law 21,365Caps interchange fees.
- 2023Fintech Law 21,521Creates Open Finance.
- November 2026New deadlines for operators
- July 2027Open Finance System starts
What changes for cardholders
- Nothing immediate in your accounts: the rule orders operators' registration; it does not change your cards' fees or rates.
- More oversight: an operator with authorization to operate is subject to CMF capital, cybersecurity and business continuity requirements.
- More competition at the checkout: from 2027, account payments through payment initiators are added.
- Your issuer sets the costs: if you compare cards, look at the maintenance fee and the CAE, as in our comparison of retail store credit cards.
In the banking system, the main issuers are still the banks, whose size by assets, loans and profits we review in the ranking of Chile's largest banks.
Frequently asked questions
What is a payment card operator?
It is the company that signs up merchants to accept cards and processes and settles those payments. In Chile it must register with the CMF.
What are the CMF's new deadlines?
January 31, 2027 for the authorization of existence, March 31, 2027 for the test plan and May 31, 2027 for the authorization to operate.
Do my card's fees change with this rule?
No. The rule sets registration deadlines for operators. Each card's fees and rates are set by the issuer within legal limits, such as the maximum conventional rate.
When does Open Finance start in Chile?
According to the CMF, the Open Finance System takes effect in July 2027, with payment initiation APIs required in stages.
