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Debit Card Sales Will Be Credited on the Next Business Day

Financial institutions agreed with the BCRA on shortening to 1 business day the period for merchants to get paid after a debit card sale is made. This measure is a step forward to make the payment system enter the mainstream of electronic means of payment.

Law No. 25,065 on Credit Cards establishes a maximum period of 3 business days. However, the BCRA has agreed with banks on shortening the period to 2 business days. Now, this period is reduced to 1 business day, allowing merchants to have funds from sales on debit cards available on their bank accounts on the business day immediately following the transaction.

The BCRA further reached an agreement with financial institutions to charge merchants a 0.8% fee on debit card sales—instead of 1.5% as set by Law.

Micro and small businesses will also derive benefit from this arrangement as they will get paid within 8 business days after a debit card transaction is made.

The BCRA seeks to encourage users to make electronic transfers, and, in particular QR code payments, which will be fully interoperable on November 29, 2021. Like cash, electronic money will be available immediately and irrevocably.

The shortened credit and debit card payment processes and a boost of electronic transfers give way to a more modern, agile, and enhanced payment system suitable to replace cash efficiently and safely.

These measures are in line with the government’s effort to promote the use of debit cards by fixing a 15% reimbursement on purchases. This is aimed at anyone drawing the lowest pension or retirement benefit, and the universal child allowance (up to ARS1,200 monthly per person) and the universal pregnancy allowance (up to ARS2,400 to beneficiaries with two or more children).

July 1, 2021.

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