🎉 Argentina🇦🇷: QR Code Compatible with All Wallets Officially Launched

🎉 Argentina🇦🇷: QR Code Compatible with All Wallets Officially Launched

Starting July 15, payments can be made with a QR code using any banking or fintech app and all types of cards. This initiative promoted by the Central Bank (BCRA), aims to simplify and unify digital payments for both users and merchants, reducing market fragmentation and increasing the adoption of electronic payments.

➖ The transition to this new level was the result of two years of confrontation between banks and the main player in this sector, #PayMarket.

➖ Before the implementation of interoperability, Mercado Pago's QR reader accepted card payments only if the card was registered on its platform. Mercado Pago then imposed a 0.3% fee for using its QR reader, but this requirement was rejected by the Central Bank.

➖ One of the major issues delaying the implementation of the unified QR code was determining the responsibility in cases of fraud.

Finally, it was agreed that the responsibility would lie with the compatible digital wallet — except in the following cases:
✅ if the wallet used tokenization and card authentication standards.
✅ if the transaction could not be processed using these standards due to a failure of the acquirer/aggregator. In this case, the responsibility falls on the acquirer/aggregator.
✅ if there is a contrary agreement between the parties.
#news #Argentina

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