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The new means of payment boosted by the BCRA became operational

The new means of payment boosted by the BCRA through Communication A 6043 started to be operational a few days ago.

In fact, a public bank from the interior of our country began distributing safety devices to validate transactions (dongles) among its customers—self-employed workers and small traders—so as to facilitate collection services with debit cards.

These devices are connected to a cell phone and work as a mobile POS through which a payer may make instant electronic transfers by just sliding a debit card. Like transfers made through home banking or self-services terminals, mobile POS transfers do not entail any cost for the payer, nor any national tax withholdings to the beneficiary of the funds. Moreover, the amounts so transferred are credited immediately into the beneficiary´s account. Finally, as per BCRA's regulation, this service is free of charge for micro companies beneficiaries (bigger-sized companies have to agree on the service price with the supplier institution).

The Central Bank of Argentina expects that these initiatives shall contribute to an increased use of debit cards, given that the benefit for self-employed workers and small traders is likely to prompt a broader acceptance network.

The means of payment described is one of the three channels boosted by the BCRA through the Communication 6043 in order to increase the amount of instant electronic transfers. The other two channels are: “electronic wallet”—to make instant electronic transfers through a cell application—, and “payment button”—to make on line payments through the system of transfers–.

January 10, 2017

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