Puerto Rico hearing on bill to require third payment option draws banks, retailers and consumer agency

Puerto Rico’s House of Representatives Commission on Consumer Affairs heard testimony Oct. 15 on House Bill 710, which would amend Law 42 of 2015 to require merchants to offer a third payment option via electronic platforms or applications validated in Puerto Rico.

The hearing brought representatives from the Asociación de Bancos de Puerto Rico, the Centro Unido de Detallistas and the Department of Consumer Affairs (DACO), among others. No vote was taken; committee members asked several witnesses to submit additional documentation to the committee record.

Bill and context

House Bill 710 would add a requirement to Law 42 of 2015, which currently requires persons and businesses that provide services to make at least two payment alternatives available to consumers. Proponents say the change would ensure consumers can use modern, mobile and platform-based payment methods such as ATH Móvil, PayPal or similar services validated for use in Puerto Rico.

Why it matters

Supporters say broader electronic payment options increase convenience and financial inclusion. Opponents warned the change could increase costs for merchants — especially small businesses that cannot negotiate…