Starting this Friday, the interoperability system of QR payments for Credit cards comes into effect, as established by the central bank (BCRA). This change will mean the end of the Immediate Debit (Debin) as a financing method for virtual wallets, being replaced by the Pull Immediate Transfers mechanism.
BCRA regulation dictates that as of December 1, lThe participants of the national payment systemincluding banks and virtual wallets, which currently use the Debin recurring to finance accounts, they must cease that operation and enable Immediate Pull Transfers to their clients, arguing the need to “prevent cases of fraud.”
The Central Bank detailed: “The main change is the organization of the system between payments and transfers to avoid confusion among users. Immediate Debits will be limited to payment operations, while transfers between accounts will be made through the Pul Immediate Transfers system.l”.
They added that “These modifications do not in any way affect the ability of users to manage their funds between different financial service providers.“.
The country’s four banking associations celebrated the start of QR payment interoperability for credit cards, stating that it “democratizes payment methods” and represents “a new step towards the democratization and competition of payment methods.”
What Mercado Pago said
However, from Mercado Pago, the main company promoting QR codes in Argentina, they pointed out that the Immediate Transfers system Pull “still has technical flaws and a low level of effectiveness“, warning of possible inconveniences for its users when moving their funds.
Despite this, the Central Bank stated that “The process has already begun and we can see how gradually the transitions from Debin to Immediate Pull Transfers are taking place“.
Regarding Mercado Pago’s approaches, the monetary organization stated that “the BCRA board will meet today and will consider the parties’ requests if problems are demonstrated.”
Initially, the problems seem to affect accounts that already operated with Debin and have difficulties granting credentials for Immediate Pull Transfers, while there would be no problems with new links between accounts.
This dispute between Mercado Pago and the banks adds a new chapter to a story that has already had several episodes. It began when banking entities promoted the full interoperability of QR codes through the Interbank Payment Methods Commission of the Argentine Republic (Cimpra). Although the Central Bank agreed to the request, it has postponed its implementation twice, now establishing December 1 as the new start date.
The initiative implies that Mercado Pago, with more than 500,000 businesses associated with QR codes, allows banks to participate in these operations, which involve the largest volumes of money, since the most significant sales are made on credit.
Source: Ambito
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