Circular No. 3887 — Establishes Maximum Limits for Interchange Fees in Domestic, Purchase, and Demand Deposit Account Payment Arrangements

The Collegiate Board of the Central Bank of Brazil, in a session held on March 22, 2018, based on the provisions of Articles 7, item IV, 9, item XIII, and 15 of Law No. 12,865, of October 9, 2013, and in view of Article 3, item V, of Resolution No. 4,282, of November 4, 2013,

R E S O L V E S:

Art. 1. This Circular provides for maximum limits for interchange fees in payment arrangements classified as domestic, purchase, and demand deposit account, in the manner of the Regulation attached to Circular No. 3,682, of November 4, 2013.

Sole Paragraph. For the purposes of this Circular, interchange fee is considered:

I - remuneration, paid by the acquirer to the issuer of the payment instrument, for a transaction established within the scope of the payment arrangement; and

II - any other form of remuneration of the issuer of the payment instrument, established within the scope of the payment arrangement, with an objective or effect equivalent to that of the remuneration referred to in item I, whether paid directly by the creator of the payment arrangement, by the acquirer, or by any other intermediary in the payment transaction.

Art. 2. In the payment arrangements referred to in the caput of Art. 1, the following maximum limits regarding the interchange fee are established:

I - 0.5% (five tenths of one percent) for the average interchange fee, weighted by the value of transactions; and

II - 0.8% (eight tenths of one percent) as the maximum value to be applied in any transaction.

§ 1. The average weighted by the value of transactions, referred to in item I, will be calculated on a quarterly basis, according to the calendar year.

§ 2. The maximum limits regarding the interchange fee referred to in the caput do not apply to:

I - non-presential transactions;

II - transactions with corporate cards.

Art. 3. This Circular enters into force on October 1, 2018.

                            Reinaldo Le Grazie Director of Monetary Policy