New QR Code to Simplify Payments by Transfer

Today, the Board of the BCRA adopted a resolution instructing financial institutions and payment service providers (PSPs) to generate a quick response (QR) code within 60 days to identify their commercial clients’ accounts. This will ensure that money transfers and virtual payments among natural or legal persons are made instantaneously.

PSP's payments accounts held by legal persons should also be identified by a QR code. Up to now, client's identification has been carried out by a single banking code (CBU) or a single virtual code (CVU), and an alias.

Electronic wallet users should be able to read the QR code from their application and make transfers or virtual payments, which are part of the 3.0 Transfers system. This means of payment is equivalent to cash.

The resolution of the BCRA gives greater momentum to efficient, open, innovative and universal retail payment mechanisms with a view to accelerating the expansion of digital payments over cash. Payments by transfer are intended to encourage customers to refrain from using cash or cards. Likewise, shops have the following benefits:

Instant crediting: shops will receive automatic and irrevocable transfers of funds.

Low cost: hidden costs for shops for cash handling (transport, storage and security) are removed.

This new system, which was implemented by the BCRA during 2020, ensures that interbank and intrabank transfers and payments among natural and legal persons are made instantaneously on a 24/7 basis.

Nowadays, shops can receive payments through the QR processors offered by service providers. This new QR system directly identifies the shop’s account, allowing immediate crediting of the funds transferred at the lowest fee.

August 19, 2021.