This decision of the virtual wallet regarding the payment of interest will impact the pockets of many people.
Payment Market resolved a new measure that will affect all its users. It is a decrease in interest payments to those who maintained balances in their accounts.
This resolution occurs within the framework of a large reduction in the interest rates of the fixed terms of the Central Bank of the Argentine Republic (BCRA). This mainly impacts the small saversfor whom the amount they accumulate in their virtual wallets will yield less.
This measure could cause a imbalance in the market, since it hinders competition between traditional banks and virtual wallets. One of the most questioned points regarding this problem has to do with the differences in regulations.
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What this new Mercado Pago measure is about
Thanks to this measure, the company will be able carry out financial intermediations and retain the profits generated from investment funds instead of transferring those interests to the account users.
The resolution was given due to the Communication “A” 8038, through which the BCRA annulled Communication “A” 7825, which limited the financial intermediation of digital wallets.
Source: Ambito
