Next, we explore the main necessary challenges and technological requirements faced by payments infrastructure to ensure its correct operation in this new context.
He bimonnetarism It is a system in which two currencies circulate simultaneously within an economy, allowing transactions to be carried out in any of them. In the case of Argentina, this It implies the possibility of operating both in pesos and dollars within the country, without dollars transactions being automatically internationally considered. It is important to note that, under this scheme, no currency conversion is made so far to pay taxes, which must be settled in pesos.
This model began to take shape with the decree of necessity and urgency (DNU) 70/2023, published on December 20, 2023, which modified the Civil and Commercial Code to allow contracts and payments to be agreed in any currency. As a consequence, the payment ecosystem – including banks, shops, payment processors and digital platforms – must adapt its infrastructure to manage both currencies correctly.
Next, we explore the main necessary challenges and technological requirements which faces the infrastructure of payments to ensure its correct operation in this new context.
Adaptation of the bimonetarism payment system
The biggest challenge is to ensure that dollars in dollars within the country are recognized as national and non -international operations. This requires modifications in payment processing systems to differentiate local purchases in dollars from those made abroad, ensuring compliance with standards such as ISO 8583.
In addition, a significant segment of the payment ecosystem in Argentina has been designed to operate with a single currency. The implementation of bimonnetarism implies changes in code, databases, liquidation rules and conciliations to allow the correct identification and processing of payments in a multimonner scheme.
Technical challenges for payment platforms and banking entities
To offer users the option to choose the payment currency, payment platforms and banking entities have had to make various modifications, including:
- Databases: As mentioned, adapt the data structures to handle multiple coins without affecting performance or integrity of historical information.
- Processing Code: Refactorization to allow payments in dollars without interfering with operations in pesos.
- Payment devices: Update of POS terminals and e-commerce platforms to allow the selection of currency in real time.
- Conciliations and liquidations: Precise differentiation of transactions in each currency, with conversion of values when necessary.
- Dollars in shops: Necessary to liquidate payments in the original currency.
- Test automation: Continuous validation to avoid errors in payment flows.
Technological requirements for efficient bimonnetarism
In order for bimonetarism to function effectively, several technological updates are required, such as:
- Support for multiple coins in databases without affecting performance.
- Modification of business logic to differentiate transactions from the beginning to the liquidation.
- Interoperability with acquirers and payment networks to ensure the correct recognition of dollars in dollars.
- E-Commerce and Pos platform update that allow currency selection and pricing in both currencies.
- Reports and conciliation management that correctly reflect accounting and fiscal movements.
- Safety and prevention of fraudwith reinforced authentication and real -time monitoring.
Is the payment industry prepared for bimonnetarism?
Although the payment industry in Argentina has a solid technological basis for the implementation of bimonnetarism, it still faces key challenges:
- Heterogeneity in infrastructuresince not all businesses and banks have systems prepared to operate with two coins.
- Regulation and compliancewhich requires a clear regulatory framework to avoid problems in paying and tax treatment.
- User Educationto ensure that consumers and shops understand the operation of the system.
- Implementation costswhich can represent a barrier for some companies.
Bimonnetarism in Argentina represents a significant change in the payment system, which requires significant technological adaptation. Strategic planning is crucial to guarantee a fluid transition, without affecting the safety or stability of the financial ecosystem.
Mr. Engineer Manager of Redbee
Source: Ambito
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