Name
Global FinTech Guide
Country _ Name
Uruguay
SectionTitle
Payment services
Body
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.

Introduction

Attitude of the country towards modern payment services

Politically the government is committed to increasing the use of this type of payment services, in line with the Law on Financial Inclusion. 

In its 2022 Roadmap for the payment system, the Central Bank of Uruguay (hereinafter, the “CBU”) lays down some important objectives aimed at strengthening and developing the payment system, in order to keep pace with financial innovation and technology that provides more efficient, safer and cost-effective means of payment.   

For that purpose, the CBU has undertaken to promote an efficient, modern, and secure development of the payment system, working together with industry agents, assuming a leadership role in the process and encouraging best practices, and to modernize the payment system in a spirit of promoting competition, openness and inclusion of new instruments and agents, allowing the development of new ventures, and promoting innovation.

Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

In order to provide payment services or ancillary services, the service provider must register before the CBU as Payment and Collection Service Provider (“Prestador de Servicios de Pago y Cobranza”) or have a wider license which comprises such services (e.g.: bank license). 

To obtain such registration/license, the applicant must submit certain information to the CBU regarding the company, its structure and business cycle, including:

    a) Company name, indicating type of company, fantasy name or trademark if any, real and special domicile, No. of registry before the local tax and social security authorities, phone, fax, email address and web page.
    b) Notarized copy of the company’s bylaws or articles of incorporation approved or in process of being approved.
    c) Identification data regarding the legal representatives of the company (full name, nationality, identification number and address).
    d) List of all company shareholders or partners, and persons that have the effective control of the company, indicating name, personal address, identification number, participation percentage and contributed capital.
    e) Senior staff, providing Curriculum Vitae, personal and working references in relation to the corporate purpose of the company and financial activity in general. This staff category includes board members, administrators, trustees, receivers, tax managers, commissioners by the board, CEO, general accountant, and professionals with a university degree that provide business-oriented advice to the board or the administration, on an ongoing basis.
    f) General Information of the company:

    • Company staff.
    • Hierarchical structure.
    • Links to other related entities either local or foreign.

    g) If applicable, accounting statements regarding the last financial year, issued according to the adequate accounting rules of Uruguay.
    h) Business cycle description, with specific

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