The objective is to achieve an “innovative, accessible, efficient and solid” mechanism, highlighted the vice president of the entity, Washington Ribeiro.
He Central Bank of Uruguay (BCU) anticipated that in the coming months it will meet two new milestones in the payment system, that will contribute to making the mechanism “innovative, accessible, efficient and solid,” as anticipated by the vice president of the monetary authority, Washington Ribeiro.
These are two events promoted by the BCU in your roadmap. On the one hand, there appears the total incorporation of the “alias”, that will allow transfers between people through cell phone numbers. In addition, the Payments with the use of a QR code to make Bank transfers.
“These two new achievements will contribute to a Quick Payment System innovative, accessible, efficient and solid, which is what from the central bank we promote”, he highlighted Ribeiro when presenting at the VIII Finance Conference, organized by the University of Montevideo
Specifically, the economist spoke on “Digital transformation and means of payment”, highlighting the progress in the modernization of the payment system and the roadmap drawn up for 2023-2025. “We understand that at Uruguayan Payment System “We must provide it with the necessary flexibility so that it can absorb technological changes,” he said in this regard.
Along these lines, he highlighted that “Uruguay It has a very good level of financial inclusion” and added that, in addition, it has “enormous potential to grow in the usability of that financial system and payment system.”
Washington Ribeiro, vice president of the Central Bank of Uruguay.jpg
An exponential growth of instant transfers
Within the framework of the changes proposed by the BCU, Ribeiro highlighted the completion of the transfers instant transfers last June and mentioned that in September 2022 there were around 70 thousand instant transfers (within banking hours), while in the same month of this year, it exceeded one million.
In turn, the leader highlighted and appreciated that institutions do not charge for interbank transfers below 1,000 pesos. “We hope that this threshold will be raised as transactionality continues to increase,” he noted.
Finally, the vice president of BCU said to be committed to an “interoperable and innovative” payment system, with the goal of “contributing to improving the quality of life of citizens through our tasks: lowering inflation and with quality and increasingly accessible financial services.”
Source: Ambito
