The BCRA Continues Streamlining the Electronic Payment System

Digital wallets may expand the scope of their services, allowing clients to add accounts—sight or payment—held at other financial institutions or payment service providers (PSPs), according to a measure adopted by the Board of the BCRA.

Therefore, users may carry out payments by transfer or instant transfers through a digital wallet using funds deposited in other linked accounts.

Financial institutions and PSPs must offer this service, while the administrators of electronic transfer payment schemes must adapt their processes, if necessary.

The regulation also provides for fraud prevention measures, especially in connection with the consent of the person whose account is to be debited. This regulation expands the scope of instant debit transactions (DEBIN) so that funds may be debited from a payment account and credited to a sight account or another payment account.

May 19, 2022

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