The Chile Financial Market Commission (CMF) revoked the authorisation of existence of U-Pay Processing Tarjetas Prepago S.A. and cancelled its registration in the CMF Registry of Payment Card Issuers and Operators. The decision means U-Pay can no longer operate in its line of business and must be liquidated. The Board based the action, set out in Exempt Resolution No. 12,434, on the company’s non-compliance with the regularisation plan it was subject to regarding capital and reserve requirements established by the Central Bank of Chile for non-banking payment card issuers.
Chile Financial Market Commission 2025-11-28
Chile Financial Market Commission revokes U-Pay Processing Tarjetas Prepago authorisation over failure to meet capital and reserve requirements
The Chile Financial Market Commission revoked the authorization of U-Pay Processing Tarjetas Prepago S.A. and cancelled its registration as a payment card issuer and operator. This decision, detailed in Exempt Resolution No. 12,434, follows U-Pay's non-compliance with a regularisation plan concerning capital and reserve requirements set by the Central Bank of Chile. U-Pay must now cease operations and undergo liquidation.