With this measure, “the scope of instant transfers will be expanded, which will allow the construction of an open and universal digital payments ecosystem,” the entity reported.
“Just with a phone, consumers can read any QR code with any virtual wallet or bank application. Paying by Transfer is like paying in cash, but with the phone. For people, operations are easy, safe, fast and free. And for businesses they are instant, irreversible and have lower costs, “he added.
The system is starting to operate gradually and in this first phase available in 50 thousand stores and in 3 chains. The rest of the businesses across the country will gradually be incorporated.
The Payment with Transfer feature, created by the Transfer 3.0 program, is:
-Active: The Standardized Payment Interface (IEP) is created with an open architecture that will allow all accounts (bank and virtual wallets) to interact.
Because they are an open and interactive ecosystem, consumers can use any payment platform. For example, this makes it possible for the same QR code to make payments with transfers, either from sight accounts at financial institutions or from fintechs payment accounts (non-bank payment service providers).
The open system benefits the whole ecosystem with a standard that players can join, benefiting the network economy and the scale of digital payments.
-For now: businesses will automatically receive accreditation. Moreover, the charges are irrecoverable.
Within the new system, the exact integrity of transfers is guaranteed 24 hours a day, 7 days a week, between banks and intrabank and between different payment plans. All transfers between different bank accounts and accounts will be in the same bank immediately, for both human and legal person accounts.
-Economic: ends with the hidden costs of handling cash for businesses (transportation, storage, security).
-Competitive: opens competition for service delivery to retail and neighborhood businesses. Commissions for businesses will be capped at 8 per thousand.
Businesses that are considered MiPyMEs that adhere to the system will not have commissions in the first three months of using the service, for the first 50,000 pesos they bill each month. Therefore, they will be able to extend payment methods to their customers.
-Flexible: It will allow the implementation of cards, QR, DNI, payment applications and biometrics (for example, fingerprints).
With this initiative adopted by the BCRA, Argentina will have a more modern, agile and advanced payment system that is in a position to replace cash efficiently and safely.
In turn, Transfers 3.0 represents a strong impetus to one of the central goals of this Central Bank: to achieve greater inclusion in our country, both in terms of expanding the use of the system, and by incorporating those sectors that are not still use financial services. .
It will incorporate more functions in subsequent steps. For example, warranty confirmation and monitoring messages will be established through the ISO 2002 standard. The program will be phased in until full implementation on November 29, 2021.
Similarly, The BCRA will work with other national and provincial organizations so that the suspensions that apply to transfers of micro accounts and small businesses are not made.