Mexico Blocks Visa’s Bid for Prosa in Debut Move by New Antitrust Authority

The decision halts Visa’s plan to acquire a 51% interest in Prosa, a transaction unveiled in December 2023. According to Bloomberg, the move follows earlier concerns raised by the commission’s predecessor that competition in Mexico’s payments market was already constrained under existing conditions.

The National Antitrust Commission, known as CNA, retained much of the leadership and staff from the now-defunct Federal Economic Competition Commission, including its former president Andrea Marván Saltiel. In a statement released Friday, the CNA said the remedies proposed by Visa and Prosa were “not suitable or sufficient to avoid the risk to markets and consumers detected by the commission.”

Visa responded by expressing disappointment with the outcome and said it is assessing its next steps. “We firmly believe that the combination of Visa and Prosa would significantly accelerate competition in the market and modernize payments in Mexico, allowing consumers, businesses and financial institutions to benefit from more innovative and secure digital payment experiences,” the company said in an emailed statement.

We’d love to be your preferred source for news.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

Add as Preferred Source

Had the deal gone through, Visa would have gained significant influence in Mexico’s payments ecosystem. Per Bloomberg, the transaction would have left Visa with control over two of the country’s three card brands — its own network and Carnet, the Prosa-owned brand — with Mastercard Inc. remaining as the only other major competitor. The acquisition also would have positioned Visa to control two of Mexico’s four clearinghouses, alongside Prosa, Mastercard and Servicios Electrónicos Globales, known as E-Global.

Regulators highlighted concerns about market concentration and data access. According to Bloomberg, ownership of Prosa would have granted Visa detailed insight into card transactions processed through the platform, including those involving Mastercard-branded cards. The CNA indicated that such access could potentially be leveraged to gain an edge over competitors.

Visa’s operations have faced regulatory scrutiny outside Mexico as well. In the United States, the San Francisco-based payments giant has been under investigation by the Justice Department, which alleged during former President Joe Biden’s administration that the company maintained an illegal monopoly in the debit-card market. That case remains ongoing. Visa, the world’s largest payments network, reported $4.53 trillion in total network spending volume in the final quarter of 2025 alone, according to Bloomberg.

Prosa’s ownership structure reflects deep ties to Mexico’s banking sector. The processor is backed by institutions including Grupo Financiero Banorte, HSBC Holdings Plc, Invex Controladora SAB, Banco Santander SA, Bank of Nova Scotia and Banco Nacional del Ejército. Its principal clearinghouse rival, E-Global, is owned by BBVA SA and Banamex.

The CNA itself was established after Mexico’s Congress dismantled several autonomous regulatory bodies in late 2024, merging Cofece and part of the Federal Telecommunications Institute into a single decentralized agency under the Economy Ministry. Critics have questioned whether the new structure will maintain independence, particularly as the agency operates with reduced resources amid broader government spending cuts.

The rejection of Visa’s proposed Prosa acquisition comes as the CNA prepares to weigh another high-profile case: a planned merger between Mexico’s two leading low-cost carriers, Grupo Viva Aerobus SA and Controladora Vuela Compañía de Aviación SAB, known as Volaris. Announced in December, that transaction would create an airline group controlling roughly 70% of the domestic budget aviation market, per Bloomberg.

Source: Bloomberg