Payment Market informed this Wednesday to all its users that from December 1 of this year, by a rule of the Central Bank (BCRA), they will no longer have their Bank account to the virtual wallet.
This is a consequence of the new Communications “A” 7514 and “A” 7841 of the BCRA and the company warned that this will affect more than 4 million people who use Immediate Debit (DEBIN) to deposit money into your Mercado Pago accounts.
However, they indicated that, as of December, They will be able to continue depositing money into their accounts via bank transfer, which is free and credited instantly.
The company reported that it is waiting for a response from the BCRA to solve this problem and, thus, reopened the door to a controversy that has been going on for months with the financial regulator.
Let us remember that in September of this year, after a few days of tension between Mercado Pago, the Central Bank (BCRA) and the Ministry of Economy for the measure he ordered changes in modality which is used for the funding of bank accounts and payment service providers, The monetary regulator stopped at an intermediate point and went to the Interbank Payment Methods Commission (CIMPRA) to analyze the issue.
Mercado Pago and DEBINs: a dispute with the BCRA
The dispute had begun on September 14, when, through Communication “A” 7841, the Central established that December 1 of this year would be the deadline for the replacement of the Immediate Debit mechanism (Debin) for transfers. pull as a tool for funding accounts.
He Debin is an online transfer in which whoever collects initiates the process and whoever pays only has to accept it. Meanwhile, the Immediate “pull” transfers are requests or requests for funds that allow, prior authorization from the owner of the money, the immediate crediting of the scheduled amount to the requester’s account..
Although the change from one medium to another was a process that had been underway since last August 7 for users of bank wallets and payment service providers (with the implementation of pull transfers), the trigger was the deadline set by the regulator.
Mercado Pago came out to respond that this decision affected more than 4 million people and? This measure made the transfer of money from one bank account (CBU) to another in a virtual wallet (CVU) more complex.. They highlighted that DEBIN began to be used to deposit money into the wallet almost three years ago and is the funding channel most valued by people. for its “simplicity and security”.
The BCRA responded that this decision had been made in consensus with the fintech sector and that it aimed to take a step towards organizing the payment system, given that the DEBIN was not created for account funding.
What the BCRA said about the measure
They assure that it aims to guarantee the security of the user and given that there have been many scams with the use of DEBIN and that this is related to the fact that these types of transfers were created for other purposes, not for account funding.
The concrete thing is that The BCRA did not announce any reversal with the aforementioned rule, but rather accepted it. They did not acknowledge receipt of any formal request from Massa, beyond the video. However, he decided to return the ball to the field where CIMPRA plays. to analyze proposals and evaluate the best practices to resolve this conflict of DEBIN vs. Pull and also the interoperability of QR codes for card payments.
CIMPRA is an organization that the BCRA also integrates, since it is the forum in which the different actors of the National Payment System plan and monitor the evolution of payment methods. They are part of the banking chambers and the Fintech chamber (sector to which Mercado Pago belongs).
It was in that instance where it had been agreed to move forward with the regulations, now questioned. The case is opened again to propose changes that satisfy everyone, or even the majority, and, above all, Mercado Pagowhich is the leading virtual wallet player today.
Source: Ambito
