The implementation of the 3.0 Transfers program is now complete, and interoperable QR codes are fully operational. From now on, users will be able to pay by reading any QR code with any electronic wallet or banking app on their phones in a quick and easy manner. This is a major milestone in the development of digital payments in Argentina.
A new digital, open and universal ecosystem of payments has been created by the BCRA’s initiative. It is an innovative system that facilitates access to digital payments and boosts financial inclusion.
As from today, companies that have developed electronic wallets must have their credentials integrated in order to achieve full interoperability of QR codes.
This makes things simpler for users and stores. Now, all you need is an app or electronic wallet on your mobile phone. Payments by transfer can be made through bank accounts using a single banking code (CBU) and through payment service provider accounts using a single virtual code (CVU).
Payments by transfer are more accessible, more efficient and safer, avoiding the use of cash or debit cards.
This new open and universal ecosystem implemented by the BCRA also boosts competition among the different players in the system, thus resulting in better conditions for users and stores.
The BCRA launched the 3.0 Transfers program by the end of 2020 to promote digital payments and achieve greater inclusion of those sectors that use no financial services. From then on, the system has been implemented in different stages, having constant dialogue with all the players in the system. The 3.0 Transfer program implied the development of a significant regulatory framework to harmonize current regulations and create new ones for its implementation.
Benefits for Users and Stores
Paying by transfer from a mobile phone through a bank app or electronic wallet with a QR code scanner is simple and easy. For people, transactions are simple, safe, swift and free of charge. Buyers do not pay any fees.
No associated debit card is required to make payments by transfer. 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.
As for stores, they receive the funds immediately and irrevocably through payments by transfer. They also incur lower costs since the maximum fee is 8 per thousand. Moreover, they reduce the use of cash at stores, resulting in lower expenses and more security. Finally, they also expand the range of payment options.
