The use of the QR code is gaining momentum among users of electronic payment methodsaccording to a report by the Central Bank of the Argentine Republic.

Over the past year, the number of transactions made through this system has multiplied by five. In the first 15 days of January 2023 the daily average of interoperable wire transfers started with QR was 253,056 transactions, When in the first 16 days of 2022 the number of daily trades averaged 46,828.

Since its implementation and user adoption, This form of payment has already made more than 52 million transactions. And only interoperable transfers are included, and not those that are made from a virtual wallet to a company reader of the same company.

From the users side of the system It should be noted that “by analyzing the type of account used in these operations, it can be seen that almost 86% of payments initiated with a QR code were made by customers who used their own visa account and 14% used their own of payment,” the BCRA report specified.

Among the companies operating in this format“61.3% of payments credited on sight account and 38.7% on payment account,” the report adds.

Transfers 3.0 It is a system that was launched in November 2021 and has incorporated the interoperability of QR codes. This means that a financial services user can make wire transfer payments using any QR code, with a phone and with any virtual wallet or banking application that offers that service.

Another of the measures adopted by the Central Bank in February 2022 was the use of mobile paymentsfor which it established the technical requirements for payment service providers (PSPs) and financial institutions offering the digital wallet service, which aimed to strengthen measures to mitigate fraud in digital wallet transactions.

also created the Registry of Interoperable Digital Walletsso that financial institutions and PSPs providing the digital wallet service register and obtain certification to provide the service.

registration allows users to have the information of those wallets that can be used to make payments by bank transfer by scanning any QR code.

Fernando J. Genazzini