Mexico Blocks Visa's Bid for Prosa in Debut Move by New Antitrust Authority

The National Antitrust Commission rejected Visa's proposed acquisition of a controlling stake in payment processor Prosa, citing concerns over market concentration and data access.

Published on Feb. 22, 2026

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Mexico's newly formed National Antitrust Commission has rejected Visa Inc.'s proposed acquisition of a controlling stake in payment processor Prosa, marking the first major decision by the country's revamped competition regulator. The decision halts Visa's plan to acquire a 51% interest in Prosa, a transaction unveiled in December 2023. The CNA said the remedies proposed by Visa and Prosa were 'not suitable or sufficient to avoid the risk to markets and consumers detected by the commission.'

Why it matters

The rejection of Visa's proposed Prosa acquisition highlights the new antitrust authority's willingness to take a tough stance on mergers that could further consolidate Mexico's payments market. Regulators were concerned that the deal would give Visa significant influence over the country's card brands and clearinghouses, potentially reducing competition and harming consumers.

The details

Visa had planned to acquire a 51% stake in Prosa, one of Mexico's leading payment processors. Had the deal gone through, Visa would have gained control over two of the country's three card brands - its own network and Carnet, the Prosa-owned brand - with Mastercard remaining as the only other major competitor. The acquisition also would have positioned Visa to control two of Mexico's four clearinghouses, alongside Prosa, Mastercard and Servicios Electrónicos Globales (E-Global). Regulators were concerned that such market concentration and Visa's access to detailed transaction data could potentially be leveraged to gain an unfair advantage over competitors.

  • In December 2023, Visa announced its plan to acquire a 51% stake in Prosa.
  • On February 22, 2026, Mexico's National Antitrust Commission rejected Visa's proposed acquisition of Prosa.

The players

Visa Inc.

An American financial services corporation that facilitates electronic funds transfers throughout the world, including credit card, debit card, and prepaid card transactions.

Prosa

A leading payment processor in Mexico, with deep ties to the country's banking sector through backing from institutions like Grupo Financiero Banorte, HSBC Holdings Plc, and Banco Santander SA.

National Antitrust Commission (CNA)

Mexico's newly formed competition regulator, created after the country's Congress dismantled several autonomous regulatory bodies in late 2024.

Andrea Marván Saltiel

The former president of the now-defunct Federal Economic Competition Commission, who now leads the CNA.

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What they’re saying

“We firmly believe that the combination of Visa and Prosa would significantly accelerate competition in the market and modernize payments in Mexico, allowing consumers, businesses and financial institutions to benefit from more innovative and secure digital payment experiences.”

— Visa (Email statement)

What’s next

The CNA is also preparing to weigh another high-profile case: a planned merger between Mexico's two leading low-cost carriers, Grupo Viva Aerobus SA and Controladora Vuela Compañía de Aviación SAB (Volaris), which would create an airline group controlling roughly 70% of the domestic budget aviation market.

The takeaway

The rejection of Visa's proposed Prosa acquisition demonstrates the new National Antitrust Commission's willingness to take a strong stance against mergers that could further consolidate Mexico's payments market and potentially harm competition and consumers. This sets the stage for the CNA to continue playing a pivotal role in shaping the country's competitive landscape across various industries.