Cielo's Dias sees competition driving Brazil merchant fees down
SAO PAULO, April 29 (Reuters) - The fees charged by Brazilian card payment processors are expected to decline in coming quarters as a result of increasing competition in a shrinking economy, the top executive at Cielo SA said on Wednesday.
The potential decline in so-called MDRs, or the net fee that Cielo and other payment processing firms charge retailers to process card transactions, will be offset by other types of revenues at Cielo, Chief Executive Officer Rômulo de Mello Dias said in a conference call to discuss first-quarter results. (Reporting by Guillermo Parra-Bernal and Aluísio Alves; Editing by Chris Reese)
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