In this same area ADEBA warned, more than a year ago, how closed QR codes prevented competition and harmed users.
The position of banks regarding interoperability in QRs
The public response of the entities refers to the fact that the interoperability of QR codes, which allows a user to make payments with cards interchangeably with any virtual wallet, it is a provision of the regulatory authority.
As he was able to find out Ambitthe Banks assume that the greater or lesser delay in starting the new system depends on Mercado Pago. “We are doing production tests, everything is ready from the banks,” they point out.
The official statement from ABA, meanwhile, says that The entities grouped in this association “begin a new stage in the credit card payment system “which will result in important benefits for all users in our country.”
The note highlights that “this is one more step in the direction in which the entire financial system has worked in recent years, towards interoperability in which users decide how to make a card payment.” The Interbank Commission for Payment Methods of the Argentine Republic (CIMPRA) brought together banks, processors and fintechs to consolidate the new system,” details ABA.
A crucial step for digital payments
The foreign financial entities insisted that “andCompliance with established standards to achieve complete interoperability of the QR code is crucial to move towards the new digital payments scenario that, although it has had strong growth in recent years, still has a long way to go.”
“Reducing the use of cash is, in short, a mission that must have the commitment of both the public and private sectors, because it is an inefficient means. That is why both transfer payments and credit card payments must have all the conditions that promote greater inclusion,” ABA indicated.
For its part, ADEBA indicated that “with the entry into force of the QR interoperability provided by the BCRA, The era of closed QR codes that limited competition endsput businesses at a disadvantage in relation to payment providers and restricted user options. “The conditions are thus created for further development of payment methods,” the association said.
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QR codes are key to the evolution of digital payments.
As ordered by the BCRA last year, During Miguel Pesce’s management, the full interoperability of QR codes was to begin on May 1, 2024. The new directors accompanying Santiago Bausili decided to maintain that policy and the announced deadlines.
Pedro Inchasupe and Agustín Pesce had confirmed in April, during the Payments Day event, where they said that after five postponements the measure was being implemented. But at that moment they separated the regulatory entity from the necessary agreements between private parties for interoperability to work.
Banks do not accept the conditions
Mercado Pago reported that Banks do not accept the financial conditions they consider necessarys so that the system maintains adequate security standards.
“As happens in all services and relationships between actors in the payment system (for example, the ATM network), andUse of the QR network has a cost and requires contractual agreements of terms and conditions between the actors of the system, which include fraud prevention clauses, user security requirements, intellectual property and protection of personal data, among others,” said Marcos Galperin’s company.
In that sense, he pointed out that “theAfter two rounds of proposals, to date the majority of wallets and their issuing banks maintain their rejection of these clauses and they refuse to accept the conditions for the interoperability of the QR with credit cards.” “This is the reason why it is not enabled yet,” the text says.
