Artículo 57 y el tope del 0.3% a comisiones de tarjetas - el desenlace que nadie vigilaba | FinTech Tour®

Saga: El invierno fintech 3While everyone was distracted analyzing Nubank’s profitability, the Mexican regulator quietly signed a death warrant for the Fintech ecosystem. We spent weeks debating if Revolut would disrupt the mexican market. We were looking at the wrong threat.The CNBV and Banxico are pushing a new rules for the card payment network in Mexico, which includes (Article 57) to cap interchange fees: 0.3% for debit and 0.6% for credit cards.To the uninitiated, this looks like "consumer protection." To a CFO or CEO in the payments industry, this is a massacre disguised as inclusion.Here is the strategic reality that desk-bound bureaucrats are ignoring:1. The Destruction of Unit Economics The "87" non-bank issuers in Mexico (Fintechs, SOFIPOs) rely on interchange fees to fund the innovation layer: onboarding, anti-fraud AI, and—crucially—financial inclusion incentives like cashback.The Big 37 (Incumbent Banks) can absorb this. They have diversified balance sheets.The Challengers will see their margins evaporate. The result? The "level playing field" the banks lobbied for has arrived. It’s a graveyard.2. The Inverse "Robin Hood" Effect Regulators assume capping fees lowers prices for the consumer. Data from the US (Durbin Amendment) and Europe suggests otherwise. When interchange drops, giant retailers (Walmart, Amazon) simply absorb the savings into their EBITDA. The wealth transfer isn't to the poor; it's from the innovators to the retail giants.3. Trading a Local Duopoly for a Global One For decades, we suffered under the local duopoly of PROSA and E-Global (an entity so arrogant it controls 50% of the market without a functional website). Now, the "solution" involves Visa acquiring a controlling stake in #Prosa. We are dismantling a local banking cartel only to hand the keys of our critical infrastructure to a global duopoly that acts as both player and referee.