Brazil Caps Meal‑Voucher Fees and Mandates Card Interoperability as Operators Threaten Legal Action

Decree nº 12.712 sets a 3.6% ceiling on merchant fees, limits repasses to 15 days in up to 90 days, and requires full card interoperability across payment terminals within 360 days. Large issuers such as Edenred/Ticket and Pluxee criticized the changes and said they are evaluating court challenges, echoed by industry group ABBT’s warnings about misuse risks and economic harm. Paris‑listed shares tumbled after the announcement, with Pluxee closing down 6.67% and Edenred down 4% following steeper intraday losses reported above 13% and 12%, respectively. The Finance Ministry estimates average savings of about R$225 per worker per year and projects that broader acceptance could raise eligible establishments from roughly 327,700 to about 1.82 million. Restaurants and small retailers expressed cautious optimism about lower costs and wider acceptance but voiced concern that operators might introduce other charges, such as credit‑anticipation fees.