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Argentina: New gov’t credit card to make major impact on competition

By  |  March 13, 2013
Argentina: New gov’t credit card to make major impact on competition

The Argentinian government is reportedly planning on creating a credit card to be used at retailers who agree not to use competitors’ cards. The state-owned Banco de la Nacion Argentina will issue the cards that will charge only 1 percent commission; other banks charge retailers 3 percent. The plan is expectedly drawing criticism; president of the Confederation of Medicum Businesses Osvaldo Cornide has stated that he disagrees with the plan that requires retailers to accept only one type of card. He does, however, agree with a new competing card with lower fees that could pressure other banks to lower their fees as well. The news comes in the middle of price-freezes among supermarkets, who agreed to halt price changes between February 1 and April 1.

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