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BCRA once again extended interoperability for credit cards

BCRA once again extended interoperability for credit cards
November 30, 2023 – 18:01

The new date for the entry into force of this rule is February 1, 2024, as provided by the BCRA Board of Directors.

He Central Bank (BCRA) once again extended the entry into force of the interoperability of the QR codes to collect with credit card from any virtual wallet.

The new date for the entry into force of this standard is as of February 1, 2024as provided by the Board of Directors of the BCRA.

As explained in the statement released by the monetary authority “the objective of the rule is improve the experience of users and businesses, enhance the interconnection of payment systems and prevent the existence of monopolistic maneuvers”.

How does interoperability work?

Currently, interoperability is in force for payments with money in the account of any wallet registered in the BCRA. That is to say, if it is paid with the money that is available in the virtual walletit should be able to be done with any QR.

This rule came into force as of 2022 and as reported by the BCRA “There was an exponential growth in the use of digital wallets to make payments with transfer”, even currently “exceed payments made with debit and credit card“.

But, this interoperability is not met in the Credit card payments that are made from wallets. “This produces confusion and poor payment experiences for both customers and businesses, forcing people to pay with a wallet that is the same brand as the QR that shows trade,” highlighted the monetary authority.

Measure expected by banks

On Wednesday, a statement from the four entities that bring together the country’s banks maintained that the measure “represents a new step towards the democratization and competition of payment methods.”

Source: Ambito

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