The universe of electronic means of payment, digital wallets and instant payments It has been growing exponentially globally, accompanied by structural changes and a strong inclination of consumers towards these ways of transaction, according to the MC Kinsey consultant.
While the cash remains the most used means of payment in shops, Argentina is distinguished in the region for being The country with the greatest use of digital wallets both at the point of sale and in electronic commerce, according to the report “The Global Payments Report 2024 ″ prepared by WorldPay. A recent Ipsos report also positions Argentina At the forefront in payments in Latin Americaconsolidating as the country that leads the change towards digital means.
The recent ones Local Initiatives for Changes in Digital Transactions Regulationssummons companies in the sector and the technological companies to be ready for what is coming in this matter:
This model offers an opportunity to transform and enhance the payment media industry. Platforms such as deciding today in bimonnear solutions that allow you to choose the payment currency, while digital wallets, such as MercadoPago work on the implementation of CVU (the virtual equivalent to the CBU) in dollars. It also opens the door to future new functionalities, such as investment funds in dollars in banks and virtual wallets, etc.
- Increase in the offer of digital accounts: There was a very marked trend that those who charged retirement, assignments, etc money available in banks. Today, the market has been deregulated and people, being able to choose where to collect their assets, choose why they receive their money, opting in many cases to leave it available on virtual wallets.
This trend represents an opportunity to include unchanged people in the financial system, not only in Argentina, but also in Latam. In the region more than 50% of the population is not bankrupt, in countries such as Mexico this figure reaches 80%, so people are excluded from the financial system, not being able to access accounts and loans.
This scenario forces payment media companies to develop new solutions that respond to this demand, not to stay outside this phenomenon of financial democratization.
- Multi-surrounding QR: The objective is that from any QR can be paid with any wallet. For this, payment media companies must be organized to decode each QR and find a common language. From the technological point of view, this implies a series of agreements between organizations of the financial sector to interconnect the different wallets.
- Security: All news in payment means involve our cybersecurity measures that guarantee the protection of the different transactions in these new payment schemes.
One of them is 3-D Secure, a second authentication barrier of transactions with credit and debit cards, which considerably decreases the levels of fraud and involves the shops, the cards and their issuing banks.
- Click to pay: Fido2, passkeys and biometric identification are revolutionizing the payment industry, offering safer and more convenient authentication. FIDO2 eliminates traditional password dependence by unique cryptographic keys locally stored in user devices. These allow users to authentic payments using biometry (fingerprint, safe face), reinforcing fraud security. They also ensure fast and safe transactions, improve user experience and meet regulations such as PSD2.
The digital financial world continues to progress and it is essential to be aware of the new trends to accompany growth. Ultimately, it is these trends that will mold the financial future.
Vanguard technologies are promoting digital means of payment and demand expert and experienced professionals. That is, trained people who can face the challenges that arise with rapid, creative and successful solutions.
The collaboration between government, companies, experts and consumers will be essential to make the most of these innovations and ensure a more inclusive, efficient and personalized financial future.
Senior Engineer Manager of Redbee
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
