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Credit card use with the mandatory verification code known as Pinpass in Chile jumped in February to 73.8% of the total, or 5.61mn transactions with a volume of 215bn pesos (US$459mn), the latest figures from banking regulator SBIF show.
February figures were up from the 71.9% recorded in January in terms of purchases made with the Pinpass. February was also the third consecutive month in which Pinpass use has been above the 70% mark.
Last year, when the code was introduced, Pinpass purchases represented on average 58.4% of total credit card purchases. The code was made mandatory for all credit card purchases in May 2010.
Florida International Bankers Association (FIBA), Latin American banking federation Felaban and the Spanish banking association are organizing an international meeting that will bring together banks and regulators from Latin America, Europe and the US, a press release from Felaban reads.
The meeting will address the challenges, business opportunities and requirements for financial institutions to operate and succeed in the three regions.
To read the full details of the meeting, go to this link
The affirmation is based on the bank's strong market position as the largest financial institution in the country, with good liquidity and adequate profitability, explained by Mercantil's low-cost funding base.
The ratings are constrained by the intrinsic uncertainty of Bolivia's financial system, elevated sovereign risk, increased competition risk from other large banks and Banco Mercantil's weak capitalization.
To read the full press release, in Spanish, go to this link