Mexico’s National Antitrust Commission (CNA) has blocked the acquisition of a 51% stake in PROSA by Visa International, citing significant risks to competition and to users of financial services in Mexico.
The proposed transaction sought to combine PROSA, one of the largest card payment processors in Mexico, with Visa, the world’s largest debit and credit card brand. Following a detailed technical review, the Commission’s Board concluded that the deal would likely have harmful effects on the Mexican financial system and, in particular, on the millions of consumers who rely on financial services.
A central concern was the elimination of a direct competitor. Visa already provides its own payment processing services and is considered a player with strong disruptive potential in that segment. Rather than intensifying competition, the transaction would have resulted in Visa acquiring one of its most significant competitors in the Mexican processing market.
The authority also identified risks related to the potential weakening or disappearance of a lower-cost card brand. PROSA owns the Carnet brand, which has operated as a more affordable alternative for certain segments of users. The Commission found that the transaction could jeopardize Carnet’s viability, potentially reducing consumer choice and leading to higher costs.
Another key issue was access to sensitive transactional data. If approved, the deal would have granted Visa access to unique financial transaction information from users, potentially placing other market participants at a competitive disadvantage and distorting competition.
Although Visa and PROSA proposed remedies to address the Commission’s concerns, the authority determined that these measures were neither appropriate nor sufficient to eliminate the identified risks to markets and consumers. The parties also argued that the transaction would enable Visa to invest in PROSA’s processing systems. However, the Commission found no evidence that such investments could not be carried out outside the context of the acquisition.
The decision reflects the National Antitrust Commission’s mandate to safeguard competition across all sectors of the Mexican economy. By blocking the transaction, the authority underscored its commitment to preserving competitive conditions in the country’s financial markets and ensuring a broader range of options for Mexican consumers.