E-Wallets Must Distribute to Clients Returns Earned on their Deposits

Payment service providers that offer payment accounts (known as e-wallets) must transfer to their clients the total return on their deposit accounts in pesos held at the financial institutions where clients' funds are deposited.

The Board of the BCRA took this decision today, and it applies to funds deposited in e-wallets that are not invested due to clients’ decision.

Thus, persons who hold their money in payment accounts will obtain a yield that must accrue periodically. Until today, their yield was 0%.

Deposits in these accounts reached ARS121 billion, according to data from the last BCRA's Report on Retail Payments. A BCRA provision stated that these funds had to be 100% deposited in sight accounts in financial institutions to be protected from contingencies and ensure their availability, with the possibility of allocating 45% to National Treasury Bonds in pesos.

August 24, 2023.

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