They accelerate the implementation of payments in dollars with debit cards: when do they estimate their debut in stores

“We are working with issuers, processors and acquirers to enable this option on both POS terminals and e-commerce platforms. In this way, consumers and businesses will be able to use it. This model has already been implemented in other countries, such as Uruguay”commented one of the main credit card issuers to the media. The strategy aims to replicate the Uruguayan model, which makes it easier for tourists and citizens to make purchases in both currencies, both in cash and with cards.

Another market-leading broadcaster also confirmed that, initially, The possibility of paying with debit cards in dollars will be available. In the case of credit and prepaid cards: the technology is already developed, although its implementation depends on regulatory advances.

From the side of the acquirers, for their part, work is being done on the adaptation technology to make this functionality viable.

The path to this transformation included several key stages. In August, the Minister of Economy, Luis Caputo, announced in a streaming from the Ministry of Economy that the Government was working to allow dollars deposited in wax beads, coming from laundering, could be used directly for the purchase of goods without the need to convert them to pesos, using debit cards. However, there is already a regulation that allows payments in dollars through transfers between savings banks in dollars, both from laundering accounts and regular accounts.

In that same instance, Caputo announced a second fundamental step for bimonetarization: enable businesses to invoice in dollars. The third key advance was the approval by the Central Bank of the regulations for companies to issue debit cards, which allow the use of dollars in the country. Since then, the main broadcasters have been working on its development.

“It is important to clarify that in this system there will be no exchange operations. To pay in dollars, it will be necessary to have dollars deposited in a bank account and use those funds directly“said a source from the Central Bank.

Another development in process: the CVU account in dollars

In this bimonetary world that the Government seeks to achieve in an accelerated manner, the fintech industry has a fundamental role, working since the beginning of the year with the Central Bank and financial sector entities to launch CVU accounts in dollars. Although the date is not confirmed, the meetings do not stop.

Currently, Digital wallets cannot offer foreign currency accounts directly, but they must do so through agreements with banks or stock exchange companies, who provide client accounts that act as a mirror.

This development, which could be completed in 2025, faces the exchange rate as its main obstacleabout which the Government has not yet provided clear details regarding deadlines. In addition, each transaction in foreign currency entails high operating costs for banks and digital wallets, which requires guaranteeing equitable conditions between both market players.

In that sense, heImplementation of CVU accounts in dollars It represents an opportunity to increase the supply of dollars, contributing to the real economy in a year that must grow.