3.0 Transfers: Keys to Standard QR Payments to be Launched by the End of November

3.0 Transfers is an initiative implemented by the BCRA. It is an innovative system that promotes payments by transfer and seeks to create a digital, open and universal ecosystem of payments. This tool is aimed at boosting digital payments and financial inclusion, and its implementation process will be complete by the end of this month. Key aspects about the system:

What does 3.0 Transfers mean?

3.0 Transfers is an initiative to promote payments by transfer through a standard quick response (QR) code. Thus, customers and stores may benefit from the advantages of immediate transfers, which are more accessible, more efficient and safer.

What does interoperable system mean?

Within the 3.0 Transfers initiative, a Standardized Payment Interface was created to make payments from all accounts (bank accounts and electronic wallets) compatible. This means that a QR code allows payments to be made by transfer from any account, either from a bank or a payment service provider. Users can pay by reading any QR code with any electronic wallet or bank app on their phones.

What are the benefits of 3.0 Transfers for users?

Paying by transfer from a mobile phone through a banking app or electronic wallet with a QR code scanner is simple and easy, thus avoiding the use of cash. For people, transactions are simple, safe, swift and free of charge.

Is there any charge when paying at a store?

No, buyers do not pay any charge.

Is it necessary to download an app to pay at a store?

No, all you need is an electronic wallet with a QR code scanner installed on your mobile phone. The electronic wallet can be provided by a bank or a payment service provider.

Why is payment by transfer cheaper than other systems?

Because the maximum fee for stores is 8 per thousand. In addition, hidden costs for stores for cash handling (transport, storage and security) are removed.

When are payments credited?

Stores receive the funds immediately and irrevocably.

Which accounts are assigned a QR code?

All current accounts at financial institutions and payment accounts held by legal persons at a payment service provider are identified by a QR code, a single banking code (CBU) or a single virtual code (CVU), and an alias. This makes it possible to receive payments by transfer quickly and easily.

What are the main advantages for stores?

Payments by transfer are immediately and irrevocably credited, and have lower costs. They expand the range of payment options and reduce the use of cash at stores, resulting in lower costs and more security. They also improve payment reconciliation.

When will this system become fully operational?

By November 29, all companies that have developed electronic wallets will have to have their credentials integrated to participate in the National Payment System, thus achieving full interoperability.

Do I need to have a bank account and an associated debit card to make payments by transfer?

No, you do not. Users can open a savings account online at a financial institution without having an associated debit card. Financial institutions must issue a card if the user requires it. Payment service providers offer electronic wallets without the need to issue a debit card. Users can have more than one wallet.

November 12, 2021.

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