This Wednesday, Mercado Pago issued a statement that it distributed among all its users in which it indicated that, since December 1 of this year, due to a rule of the Central Bank (BCRA), they will no longer have their Bank account to the virtual wallet. Thus, it refers to the migration process from the Immediate Debit (DEBIN) system to pull transfers as a mechanism to fund (that is, send money) from a bank account to virtual wallets.
However, as reported to Ambit sources of BCRA, As of December 1, “if the account is linked through Immediate Pull Transfers, it will remain linked and, if the user did not have it linked, wallets should be informing their clients of the steps to do so.”
With this statement, Mercado Pago returned to an old controversy regarding the change that the BCRA regulated in September of this year in the system for sending funds to virtual wallet accounts and reported that the measure affects about 4 million people and that it expects some response from the BCRA in that regard.
Virtual wallets: what BCRA will do with the controversy over DEBIN
As this media learned, The BCRA is analyzing the declared problems and it is expected that the issue will be the subject of analysis at the next BCRA board meeting, which will be held this Thursday. It is very likely that there will be news on this matter tomorrow afternoon. But in principle, It is not expected that there will be a reverse with the measure.
In principle, There seems to be a problem limited to accounts that were already operating with DEBIN and they are blocked from granting credentials for Immediate Pull Transfers. On the other hand, the same problem would not have been registered when it comes to new links between accounts. But, according to a source specialized in the subject, “the migration process has already begun and it is observed that they are gradually moving from DEBIN to Immediate Pull Transfers.”
In fact, from the monetary regulator, they maintain that all wallets can allow the funding of their accounts using Immediate Pull Transfers and they assure that “it is safer than DEBIN.”
The BCRA vs. dispute Payment Market
In September of this year, after a few days of tension between Mercado Pago, the BCRA and the Ministry of Economy due to the measure that ordered changes in the modality used to fund bank accounts and payment service providers, the The monetary regulator stopped somewhere in the middle and went to the Interbank Payment Methods Commission (CIMPRA) to analyze the issue.
The dispute had begun on September 14, when, through Communication “A” 7841, the Central established that December 1 would be the deadline for the replacement of DEBIN by pull transfers as a tool to fund accounts.
The DEBIN is an online transfer in which the person collecting initiates the process and the person paying only has to accept it. Meanwhile, immediate “pull” transfers are requests or requests for funds that allow, with prior authorization from the owner of the money, the immediate crediting of the scheduled amount to the requester’s account.
Mercado Pago came out to respond that this decision affected more than 4 million people and that this measure made the transfer of money from one bank account (CBU) to another in a virtual wallet (CVU) more complex. They highlighted that DEBIN began to be used to deposit money into the wallet almost three years ago and that it is the funding channel most valued by people for its “simplicity and security.”
The BCRA responded that this decision had been made in consensus with the fintech sector and that it aimed to take a step towards organizing the payment system. In the entity, they assure that the measure aims to guarantee the security of the user given that there have been many scams with the use of DEBIN and that this is related to the fact that this type of transfers were created for other purposes, not for account funding. .
BCRA analyzes Mercado Pago’s claim
The specific thing is that in this period the BCRA did not announce any reversal with the aforementioned rule. However, it handed the ball back to CIMPRA to analyze proposals and evaluate best practices to resolve this conflict and also that of the interoperability of QR codes for card payments.
CIMPRA is an organization that the BCRA also integrates, since it is the forum in which the different actors of the National Payment System plan and monitor the evolution of the different means. They are part of the banking chambers and the Fintech chamber (sector to which Mercado Pago belongs).
It was in that instance where it had been agreed to move forward with the regulations, now questioned. The case is opened again to propose changes that satisfy everyone, or even the majority, and, above all, Mercado Pago, which is the main player in virtual wallets today.
Source: Ambito
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