The launch of the Initiative Transfers 3.0 – promoted by the Central Bank of the Argentine Republic (BCRA) – was a “success”: during the first week transfer payments operations grew more than 50%, The monetary authority highlighted in a statement released this Saturday.
As required, in the first week there was a 52.58% increase in interoperable transactions with QR code (between the first and last business day) and the total operations in five days reached 141,636.
“The integration between wallets and acceptors worked efficiently and quickly “, weighted the official sources in the statement.
To curb the dollar, the BCRA sold another large amount of reserves
During monday November 29th, the first day that the standardized QR system was fully operational, 22,586 operations. And on Friday December 3 the figure had already risen to 34,463, they highlighted.
According to the data collected by the Central Bank, transfer payments have their peak of operation between 17 and 20.
Transfers 3.0 creates a new open and universal digital payments ecosystem, “an innovative scheme that facilitates access to digital payments,” they detailed.
3.0 transfers: what is needed
From the BCRA they remarked that only with a mobile phone, with any virtual or bank wallet that reads QR codes “you can make payments with transfers”, both from bank accounts with CBU and from accounts of payment service providers with CVU.
“Transfer payments are accessible, efficient and secure, thus avoiding the use of cash, and no need for a debit card“, they clarified.
Transfers 3.0: the future, today
Finally, they stressed that the new ecosystem also stimulates a “greater competition between the actors of the system” which, in turn, results in “Better conditions for both users and businesses.”
The details of Transfers 3.0
The Central Bank launched Transfers 3.0 at the end of 2020 with the purpose of promoting digital payments and achieving greater inclusion of those sectors that still do not use financial services.
It is an initiative that allows any virtual or bank wallet to pay at all businesses that accept a QR code as a means of payment, regardless of the company providing the code.
Anyone who has a banking app downloaded to their phone (BNA +, How much DNI, Ank, BBVA Go, among others) or from a fintech (Mercado Pago, IUDU, Bimo, MODO, Naranja X, TAP, Yacar or any other) You can make payments with transfers in all businesses in the country.
Transfers 3.0: the BCRA highlighted the launch of the interoperable QR payment system
In parallel, merchants will receive the money in their accounts in less than 25 seconds irrevocably and with the lowest commission in the market (from 0.6 to 0.8%), which helps to simplify operations and compete against cash that is still the form of payment used in approximately 8 out of every 10 transactions.
Transfers 3.0 implies a improvement compared to other electronic means of payment such as those made with a debit card (credited within 24 hours) or with credit card (They do it in a period of between 8 to 18 business days, depending on the size of the company that receives the money).
From the user’s point of view the system does not imply no extra cost, but I will give you the Advantage of not having to use cash and having an easier record of your operations.