Transactions with cards must always be visible to the customer

The newspaper Expreso reports that Monetary and Regulatory Policy Board has issued a new resolution aimed at ensuring security in card transactions.

This is not a recommendation but a mandate. The Monetary and Regulatory Policy Board has introduced new guidelines to ensure transparency and security in transactions made with credit, debit, prepaid cards, and electronic wallets in Ecuadorian businesses.

The fifth general provision of the resolution, published on September 4, 2024, specifies that the point of sale (P.O.S.) must be positioned so that customers can clearly see the insertion, swiping, or tapping of their card during the payment process.

Additionally, the resolution states that the staff responsible for payments in commercial establishments must not handle the card or electronic wallet outside of the customer's line of sight at any time during the transaction. According to the Monetary and Regulatory Policy Board, this measure aims to prevent fraud and ensure the safety of users' financial information.