Senacon revokes measure on interest against card companies

Senacon (National Consumer Secretariat) revoked on Friday (January 19, 2024) the precautionary measure against PagSeguro, Mercado Pago, stone It is PicPay. The action had been filed by Febraban (Brazilian Federation of Banks), which alleged alleged disguised charges of interest on purchases paid in interest-free installments. The companies denied the accusations.

The secretariat stated that the institutions presented clarifications that demonstrated compliance with legal regulations, which made “unnecessary” the continuity of the precautionary measure.

“Senacon understands that the sector needs to be assessed in standards that regulate the national financial system. It also advocates that the machines reinforce information and transparency policies for consumers”, said in note.

Clarifications

• stone – told Senacon to have developed solutions in accordance with law no. 13,455 of 2017, allowing retailers to differentiate prices depending on the payment instrument and receipt period. According to the company, its relationship is exclusively with store owners, and does not charge any remunerative interest to end consumers;
• Mercado Pago – reported that the questioned modalities are widely used by the market, supported by legislation, and that the precautionary suspension of their tools threatens the viability of small business owners, harming consumers;
• PicPay – stated that it complies with all consumer protection obligations and stated that Febraban’s initiatives have competitive motivations;
• PagSeguro – the secretariat informed that the company “rebutted Febraban’s allegations, especially with regard to the ‘Install Purchaser’ modality”.

precautionary measure

On Monday (January 15, 2024), Febraban presented a document to Senacon in which it says that PagSeguro, Mercado Pago, Stone and PicPayde committed abusive practices against consumers.

According to the federation, establishments are passing on additional costs for independent card machines from PagSeguro, Mercado Pago and Stone to consumers, charging remunerative interest without the necessary transparency.

Regarding PicPay and Mercado Pago digital wallets, Febraban reported that companies are charging remunerated interest on installment transactions. This practice contradicts digital wallet regulations.

According to the document, the companies developed a product called “pirate interest-free installments”in which they charge consumers interest, but record it on the credit card statement as if it were an interest-free installment plan.

Repercussion

A Abranet (Brazilian Internet Association), which has Mercado Pago, PagSeguro and PicPay among its members, expressed support for the decision. In a statement, the association said that Febraban tried to mislead Senacon. Here's the complete of the statement (PDF – 155 kB).

“What Febraban slanderously called 'pirate installments' is a technological tool made available to commercial establishments that allows the seller to calculate the amounts to be received for their sales, according to the different payment methods used, payment terms and costs transactions involved”says the text.

According to the association, the tool is widely used in the market. Abranet also said that Febraban is “attacking” payment companies because “old banks don’t know how to face competition from new technology companies”.

“Instead of trying to modernize their internal processes, they also prefer the path of trying to defame the work of their competitors”says the text.