After several twists and turns, the functionality that will guarantee a benefit for all users was finally completed throughout the country.
Starting this Monday they begin to be QR payments interoperable with credit cardas anticipated Ambit. Despite the delay in extending the functionality throughout the country, it is now possible to make payments with this instrument using any banking app or fintech and all kinds of cards.
QR payments with credit card: how it will work for users and merchants
Users will now be able to scan any QR and pay with money in account or credit card with the wallet of your preference. As MODO explained in a recent statement, before interoperability existed, to pay with the platform you had to point to a QR code while to pay with other wallets, you had to point to another one.
On the merchants’ side, The benefit is that they can choose which QR to charge withsimplifying its operations and improving competition between the acquirers or providers of payment products it hires. All of this will result in a strengthening of the payment ecosystem.
Federico BaralloreMODO CMO explained: “We want to continue transforming the payment experience by simplifying people’s daily lives. This new opening will allow us to continue promoting digital payments, creating more and better solutions.”
Payment methods: interoperability in numbers
The QR interoperability It is a system that allows payments made using QR codes to be processed by any financial institution or payment service provider, regardless of who generated the code. This model, promoted by the Central Bank of the Argentine Republic (BCRA), seeks to Facilitate and unify the digital payment experience for users and traders, reducing market fragmentation and increasing the adoption of electronic payments in the country.
According to the latest “Retail Payments Report” conducted by BCRA, the interoperable QR reached 35.7 million operations in April. Today, Cuenta DNI achieves leadership in this payment method and second and third place are shared between MODO and Mercado Pago.
In the world of digital payments, the next step will be to strengthen NFC payments, an area in which work will continue.
Source: Ambito
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