Transfer payments overtook debit card transactions for the first time

Specifically, according to the latest data available, in March were made 198.8 million transfer paymentsdisplacing from the podium for the first time in history transactions with debit cardswhich added 193 million operations.

The crowning of a growth process

The data confirms a trend that has been consolidating since 2021 and makes clear the preference that users of financial services are showing for the use of electronic means of payment. According to the last Monthly Report of Retail Payments prepared by the Central Bank of the Argentine Republic (BCRA)payments with transfer increased in numbers 19% in a month; more than 153% compared to the 78.4 million transactions that had been carried out in March 2022; and multiplied by 5 in the last 2 years.

When analyzing in detail how the transfer payments were in March, it can be seen that the vast majority of these operations (the 84.3%) corresponded to intra-PSPCP payments (Payment service providers that offer payment accounts), while a 15.7% corresponds to interoperable payments. Taking into account the amounts, the trend is similar, since operations for $787.1 billion were registered, of which 78% were intra-PSPCP and the remaining 22% in interoperable payments.

Measures that helped consolidate transfer payments

Although the process of digital transformation that is carrying forward the financial system helped drive this trendthe role that the BCRA through various measures taken by the Boardwas key to consolidating the adoption of transfer payments among users of financial services.

One of the main measures that gave strength to these operations was the release of Transfers 3.0at the end of 2020an innovative system that incorporated the QR code interoperabilityso that a user of financial services can make transfer payments using any QR code, only with a phone and with any virtual wallet or bank application that offers this service.

The new open and universal ecosystem helped stimulate a greater competition between the different actors in the system which resulted in better conditions for users and businesses. The objective, in fact, was to promote the formation of an open and universal digital payment ecosystem, and to achieve a greater inclusion of those sectors that do not yet use financial servicesone of the management axes of the monetary institution.

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In addition to promoting a greater bankarizationtransfer payments are more accessible, efficient and safe. for shopsmeanwhile, they imply lower costs, since these payments have a price range between 6 and 8 per thousand (plus VAT), to which is added lower financial costs due to immediacy. In addition, it allows you to expand the range of collection options and reduce the use of cash at the premises, which results in lower expenses and greater security.

In line with the objective of continuing to develop electronic payment methods, last May 18 the BCRA launched a new measure for take QR interoperability beyond bank transfer payments (PCT) and make the checkout experience friendlier for the people. Specifically, the Board of Directors provided that as of September 1, businesses that display a QR code to charge with credit cards must accept that customers can carry out the payments with any interoperable digital walletregardless of the brand of the QR.

Another measure that also contributed to promoting electronic payments was in February 2022 when the BCRA prepared new technical requirements for Payment Service Providers (PSP) and the financial entities that offer the digital wallet service, which aimed to reinforce the measures to mitigate fraud in operations with digital wallets. Strictly speaking, a technical security process was added to the already implemented client authentication and authorization before payment instructions, to complement and reinforce the security measures previously adopted by the monetary institution.