VisaNet, Redecard Shares Fall on Brazil Competition Concern
Aug. 26 (Bloomberg) -- Redecard SA and Cia. Brasileira de Meios de Pagamento, Brazil’s biggest debit- and credit-card payment processing companies, fell the most in at least two weeks after a newspaper reported the companies may face increased competition from state-controlled lenders.
Redecard, the processor of Mastercard Inc. payments, lost 1.7 percent to 26.25 reais in Sao Paulo trading for the biggest decline since Aug. 12. VisaNet, as the processor of Visa Inc. payments is known, slid 3.3 percent, the most since Aug. 6, to 16.81 reais.
Federally controlled banks Banco do Brasil SA and Caixa Economica Federal will “soon” start offering credit cards under their own brand as part of a government effort to increase competition, Brasilia-based Correio Braziliense newspaper reported today without saying where it obtained the information.
“The report adds to concern that these companies will face more competition in the future,” said Mariana Taddeo, an analyst with Link Investimentos in Sao Paulo.
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