The new rules will apply to financial institutions and virtual walletsfrom the first of next December.
The BCRA assured that the purpose of this change, which was “consensus with all actors with participation in the country’s payment system, is to optimize operations using the instruments for the purpose for which they were designed, improve the experience of users and provide the system with better security standards”.
The main change introduced is to “organize the system between payments and transfers to prevent confusion among users.”
What are Immediate Pull Transfers?
In this way, for users, Immediate Debits are limited to payment operations while transfers between accounts will be made through the “Pull Immediate Transfer system”.
The “pull” Immediate Transfer system consists of requests or requests for funds that allow the debit of the account – demand or payment – of the client receiving the request and, prior authorization or consent, the immediate crediting of funds in the account of the requesting client.
What did the BCRA respond to Mercado Pago?
“These modifications do not alter in any way the ability of users to manage their funds among the different providers of financial products,” guaranteed the Central Bank.
The monetary authority said that the modifications were “agreed upon by the entire system in payment instruments to avoid fraud.”
The measures were agreed upon and, at the beginning of the year, published in the CIMPRA Bulletins, which constitute the agreements reached based on consensus within the Interbank Payment Methods Commission of the Argentine Republic.
This commission is a forum in which different actors in the payment and securities settlement systems (BCRA, Bank Associations, banks, electronic clearing houses, fintech, etc.) study, plan and monitor the evolution of payment methods. . CIMPRA newsletters act as a persuasive force or recommendation.
What changes in virtual wallets
Mercado Pago announced that since December 1 it has been forced to modify the way money is deposited into the application’s digital accounts. And he admitted that the new methodology will bring “difficulties” for clients.
From that day on there will be no immediate debit, a system that began to be used to deposit money in Mercado Pago almost three years ago.
They assure that the Immediate Debit (DEBIN) – which will now be replaced by the Pull system, is the safest means of transfer that exists and has the lowest fraud rate recorded in the country (0.02% of the total of transactions)”.
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