MasterCard Rules (PDF)

Latin America and the Caribbean Region Rules
9.3 Currency Conversion
the Acquirer) is not yet EMV chip-compliant is borne by the non-EMV
chip-compliant Customer in the following countries: Brazil, Colombia,
Venezuela.
8.4.4 MasterCard PayPass Transactions >>
For MasterCard PayPass Transactions initiated by a Card issued in Brazil and
used at a Merchant located in Brazil in which the Cardholder selects the “debit”
option at the POI, the processing requirements in the Maestro Global Rules and
the chargeback procedures in Chapter 4 of the Chargeback Guide will apply.
9.3 Currency Conversion
Rule 9.3 of Chapter 9, “Settlement,” is modified to include the following.
Within the country in which the Card was issued, if that country is within the
LAC Region, and if the Transaction currency is the same as the currency of
the Issuer and is not U.S. dollars, the Acquirer must accept payment for the
Transaction in the local currency, unless the Acquirer and Issuer have agreed
otherwise, or unless local law requires otherwise.
Noncompliance by any Customer with this requirement will result in the
imposition of a USD 50 fine for each USD 1,000 of affected settlement volume,
payable monthly for the volume in the prior month.
9.5 Establishment of Intracountry Interchange and Service
Fees
Rule 9.5 of Chapter 9, “Settlement,” is modified to include the following.
Integrated Service for Intracurrency Settlement (ISIS) certification is a standard
feature of the certification process for Card Programs in which an LAC Region
Customer participates. All Principals or Associations in the LAC Region and
Service Providers providing Program Services to Principals or Associations in the
LAC Region must settle Transactions through ISIS at the applicable intracountry
interchange rate and conditions with each LAC Region Customer that chooses
to use ISIS as its settlement platform of choice for intracountry Transactions.
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13-6 12 December 2012 • MasterCard Rules