The Central Bank of Ecuador reported that Ecuador’s Financial and Monetary Policy and Regulation Board has approved new rules for credit, debit and prepaid cards, expanding participation by payment providers and strengthening security and consumer protections. The central bank, the Superintendency of Banks and the Superintendency of the Popular and Solidarity Economy have six months to adapt their regulations and implement the provisions. Nonfinancial companies may provide merchant acquiring services with central bank authorization and minimum capital of USD 500,000. Payment aggregators, which connect merchants with payment processors, must hold at least USD 250,000 in capital. Already authorized aggregators have one year to meet that requirement. Merchants must accept cards from different issuers and brands through acquirers, which must settle proceeds from ordinary card sales within five business days. Prices must be identical for card and cash purchases, including promotions and discounts, prohibiting surcharges for card payments. Physical cards must be issued without printed sensitive information, including card numbers, expiration dates and security codes. Online purchases require additional identity verification at no cost to users. Issuers must provide free, simultaneous notifications in real time through at least two independent electronic channels for operations and events covered by the rules. They must also enable immediate card blocking and provide support around the clock for inquiries, complaints and reports of loss or theft. Reimbursement obligations cover specified fraudulent transactions, including those made after a card is reported lost or stolen and those resulting from an issuer’s security failures, subject to the regulation’s conditions. Existing provisions on credit card cost transparency and interest calculation and collection are retained and harmonized, including the prohibition on charging interest on interest.

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