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Banks: “The full interoperability of payment QRs empowers consumers”

Banks: “The full interoperability of payment QRs empowers consumers”
November 29, 2023 – 20:27

Starting in December, QR payments for credit cards will begin to be interoperable. This measure was promoted by the Central Bank of the Argentine Republic (BCRA).

From December 1st they will begin to be QR payments for credit cards interoperable. This measure promoted by the Central Bank of the Argentine Republic (BCRA) was celebrated by the Association of Banks of the Argentine Republic (ADEBA).

“The initiative represents a new advance in pursuit of increasing competition among payment service providers and preventing the generation of closed circuits or loops that limit the freedom of choice of users and businesses,” the entity said.

Advantages of full interoperability of payment QRs

According to the Association of Banks of the Argentine Republic (ADEBA) these are the advantages of the interoperability of payment QRs.

  • Consumers benefit because when paying in a business that has a QR, they can choose any of its means (credit card or money in the account), regardless of whether or not they are clients of the wallet that provides the QR to the business. . Until now, the user who read a non-interoperable QR, you could only pay with your cards if you had previously become a customer of the wallet of the same color as the QR and attached the cards to it. This change undoubtedly facilitates and promotes the growth of this type of payments
  • Businesses will be able to choose from December 1 and without conditions as a QR payment service provider to the wallet or bank that offers the best price and service conditions, regardless of the number of clients that that provider has associated.

In a joy of full interoperabilitythe business will be able to access credit cards linked to any wallet you offer to initiate payments. That is, regardless of the wallet through which the payment is made, the QR provider will receive a commission as an acquirer.

Additionally, “interoperability strengthens the payments ecosystem, since it will grow and be more accessible to both new consumers and businesses, prioritizing the free choice of wallet or collection provider to use. It has been proven that the greater the competition in a market, the greater its development,” they explained.

Source: Ambito

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