😱 Argentina🇦🇷: Debit Card Dollar Payments Authorized, but Mercado Pago and Other Fintechs Are Left Out

😱 Argentina🇦🇷: Debit Card Dollar Payments Authorized, but Mercado Pago and Other Fintechs Are Left Out

The new Central Bank regulation took effect on Friday, February 28. This is a step towards the dollarization of the economy, one of Milei’s campaign promises. However, Mercado Pago, the country’s largest payment platform, was not included in the measure.

🟢 The rule applies only to dollars deposited in bank accounts identified with CBU (Uniform Banking Code), excluding virtual wallets that operate with CVU (Uniform Virtual Code).

🟢 Exceptions apply to digital wallets linked to banks, such as Naranja X and Ualá. In fact, Naranja X, which obtained a banking license in 2021, has already announced that holders of its Visa debit cards can make dollar payments.

🟢 Context: Banks have been pushing for stricter regulations on fintechs, while fintechs seek greater flexibility to issue loans and invest. The unified QR system, implemented in July 2024, aimed to level the playing field, but Mercado Pago remains in conflict with Visa and the Central Bank-backed MODO wallet.

#news #Argentina #fintech #dollarization

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