You can pay with money in your bank account from a virtual wallet
The Central Bank (BCRA) has ordered that virtual banks and wallets offer their clients the possibility of link all accounts -and sight or payments- that they have in their name through their applications, which will allow any user to have access to money available in different accounts through a single application.
The measure ordered by BCRA’s Board of Directors tonight aims to simplify digital payment mechanisms, by allowing any user to enroll accounts provided by financial institutions such as banks Nación, Provincia, BBVA, Santander, Galicia, Macro, Credicoop and Itaú, among others, or of Payment Service Providers (PSP) such as Mercado Pago, Ualá, Naranja X and Yacaré, among others, in the same application and from there use their funds.
“This way, users can Payments by Transfer or Immediate Transfer from a digital wallet using funds deposited in other related accounts, ”BCRA detailed in a statement.
From now on, the BCRA explained, “financial institutions and PSPs will be obliged to offer operation and the operators of electronic transfer payment schemes will need to adapt their processes, if necessary.”
You can pay with money in your bank account from a virtual wallet.
Currently, most banking applications or virtual wallets require you to make a money transfer in order to load it in case you run out of money in the account.
With this change, you can pay with any account where you have funds, without having to transfer them first.
“The rule also considers the application of security measures against fraud, specifically with regard to the consent of the account holder on which funds will be debited,” the financial authority added.
Finally, this provision expands the scope of DEBIN so you can debit funds from a payment account and credit them to a demand account or another payment account.
Since November 2021, the Payments with Transfers mechanism (Transfers 3.0) has been fully implemented, allowing any virtual wallet or banking application to read all payment QRs, regardless of the issuing company, to instantly pay.
You can pay with money in your bank account from a virtual wallet.
In this system, merchants can no longer withdraw money from their accounts in less than 15 seconds -a improvement of 10 seconds compared to its launch time- and has the lowest commission in the market (from 0.6 to 0.8%), which simplifies operations and allows to compete against cash, which is the payment method used in almost 8 in 10 transactions.
In addition, it means a very good improvement over other electronic payment methods such as those made with a debit card, which is credited within 24 hours, or with a credit card, which is credited to within 8 to 18 business days. , depending on the size of the company receiving the money (if it is micro or small it is within 8 days, if it is moderate to 10 and if it is large 18 business days).
Source: Clarin