From now on it will be possible to pay any credit or debit card through applications with a reader. QR code, as occurs with payments through transfers. In this way, all virtual wallets must have interoperability, being able to read any QR code payment regardless of which company issued it.
The measure was taken by the Central Bank of the Argentine Republic (BCRA) last week, in which it also included a key provision: the card issuer must pay a commission of 0.07% of the transaction amount to the application company with which the payment is made. This means that, for example, if a user makes a purchase of $1,000 through Payment Marketthe entity that issued the card must pay seven cents to the application company.
The percentage of the commission was the one proposed by the banks from the beginning in the negotiation with the fintech companies that own the virtual wallets, while they requested a higher number. He BCRAAfter the negotiations, he preferred the position of the banking entities.
This measure of BCRA was available after the agreement they reached Payment Market and Modo, an application that is already used by more than 30 banks in the country, will reach an agreement to work with interoperability between the applications. At the moment, some 500,000 businesses throughout the country have QR code which is used to turn off only with Payment Market or through you using a card linked to the account.
From this standard of BCRAall wallets must read any QR code payment, regardless of the fintech that had issued said code. This system will aim to achieve equivalence between the largest and smallest companies in the market, thus avoiding the generation of a monopoly in the financial world, in addition to providing more possibilities to users.
