The Governor of the BCRA, Miguel Pesce, has met today with the representatives of the chambers of commerce to boost 3.0 Transfers, an initiative that is at an advanced stage of implementation and will be launched next Monday, when the entire QR code payment system will be interoperable.
Representatives of the Argentine Confederation of Medium-Sized Enterprises (Confederación Argentina de la Mediana Empresa, CAME) and the Argentine Chamber of Commerce and Services (Cámara Argentina de Comercio y Servicios, CAC) attended the meeting. The BCRA was represented by Pesce, along with Sergio Woyecheszen, Deputy Governor; Diego Bastourre, Member of the Board; Agustín Torcassi, General Manager; Julio Pando, Means of Payment Deputy General Manager; and Luis D´Orio, Payment Systems and Current Account Senior Manager.
3.0 Transfers is an initiative implemented by the BCRA which creates a digital, open and universal ecosystem of payments. It is an innovative system that facilitates access to digital payments and boosts financial inclusion. This system brings important advantages for individuals and stores.
During the meeting, the Governor of the BCRA highlighted the benefits of this initiative: “The aim of 3.0 Transfers is to integrate the entire payment system,” and then he added: “We hope to achieve some progress in the electronic payment system, in line with the measures related to ECHEQs and electronic credit invoices.”
The Governor of the BCRA also underscored the fact that this initiative may reduce the use of cash. “The goal is to replace cash with 3.0 Transfers as the preferred means of payment in our economy, and to make this system effective and efficient both for payers and payees,” Pesce concluded.
In turn, the representatives of the chambers expressed their support to this initiative and emphasized that 3.0 Transfers is an essential tool to fight informality and encourage fair competition within the ecosystem of players in the national payment system.
An Initiative with Benefits to Stores
The main benefits of 3.0 Transfers for stores are:
-Stores receive the funds immediately—within 25 seconds—and irrevocably.
-These payments entail lower costs; the maximum fee that may be charged by acceptors is 0.8%.
-The use of cash at stores is reduced, resulting in lower costs and more security, and expanding the range of payment options.
