The “Interoperative Digital Wallet Registry” is Up and Running
The Registry, whose creation was approved by the Argentine Central Bank in February, is meant to reinforce controls and reduce fraud when operating with digital wallets.
On July 22, 2022, the Argentine Central Bank (BCRA) informed through a Release that the "Interoperable Digital Wallets Registry" would now be available on the BCRA website.
The Registry includes the interoperable digital wallet service providers, whether financial institutions or payment service providers (PSP), complying with the BCRA requirements in Communiques "A" 7462 and “A” 7463.
The Release states as well that the goals of this Registry are complementing all measures adopted by the BCRA to reinforce controls and reducing fraud in transactions involving digital wallets. Other goals include providing users with information on digital wallets enabled for Payments with Transfer (PCT) by reading any quick response (QR) code.
Further, the Release informs that users owning any of the wallets included in the Registry can make a PCT, even if the QR code and the wallet brand are different. This applies to payments using money in the account, but not to payments with debit or credit card.
This Release clarifies that QR codes can be available either at the seller's counter or on a ticket issued by the seller, among other options. The Release also mentions that making a PCT will be free of charge, and that sellers will pay the lowest commission in the market. In addition, funds will be credited to the sellers' accounts within 15 seconds after the transaction is complete.
Find out more on BCRA measures on digital wallets and Payments with Transfer in our Marval News “Overview of the New Central Bank Measures for E-Wallets".
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.