What are Transfers 3.0 and how do they work in Argentina?

Have you ever dreamt of running a profitable business? You think it's difficult to do so in a digitised and complex world? Relax! Today, technology gives you access to an innovative payment transfer system: Transfers 3.0.

It is a programme approved by the Central Bank of Argentina (BCRA), which offers excellent benefits. In addition, it is highly financially inclusive, promoting digital payments and facilities for individuals and businesses.

As long as your company has agile, modern and advanced processes, you will ensure a more efficient environment. In addition, you will be able to cope with customer demands and requirements, improving the quality of your services. Find out more below.

What are Transfers 3.0?

Have you heard of payment transfers? Transfers 3.0 are now a fact after the BCRA approved a streamlined and fast system.

These represent a more modern payment system that provides great immediacy and efficiency for individuals through the implementation and use of the QR code.

This milestone therefore raises the level of transaction and financial services in the country into the digital future.

They enable a wider reach of payment transfers and a highly secure open digital payments ecosystem.

The 3.0 transfer system provides several valuable elements to PSP customers and banks offering payment accounts, such as the possibility of immediate crediting (maximum 15 seconds).

This type of transfer is also available all year round and 24/7, strengthening a universal payment system. We tell you about its benefits below.

Advantages and applications in today's market

Transfers 3.0 opens up an incredible opportunity for entrepreneurs, SMEs and industries by offering an advanced digital payment method. A practical, simple, fast and efficient way to facilitate customer payments.

Miguel Angel Pesce, president of the BCRA argued: "...The decision to promote an interoperable system makes transfers cheaper and people find more agile ways to pay".

This is essential for the business environment, as it makes it robust and provides the company with the conditions to make it profitable and to receive payments in an effective and simple way for the customer. 

Transfers 3.0 are interoperable - what does this mean? It means that they are capable of driving payments via standardised QR codes through an IEP(Standardised Payments Interface).

• This interface supports various payment methods such as a banking app or a service provider. Even via a virtual wallet it is possible to manage a payment.
• It operates in an efficient and user-friendly environment. In addition, it favours the user who takes less risk by avoiding the use of cash.
• It represents a very flexible means, as it allows the use of ID cards, biometric payments (through fingerprints), QR, among others.
• Transfers 3.0 are very fast, so fast that merchants receive their credit instantly and automatically.
• The system itself creates a competitive environment through interoperability. Companies will be able to work with their trusted provider, choosing the one that offers the lowest fees.
• For the customer, transfers 3.0 generate reliability, peace of mind and control over their payments. As simple as paying the merchant without commissions and through an app or wallet. Customers can execute their payments in person or remotely. In addition, it is economical for the merchant and inclusive, as it integrates sectors that do not yet use financial services.

Legal standards in Argentina

Transfers 3.0 were approved by the Banco Central de la República Argentina through communiqué "A" 7153, which modifies the transfer system to optimise its use and benefit users and merchants.

The provisions of the regulation have been implemented in different phases. Phase 1 was completed on 7 December 2020 and remains fully operational.

In a second stage, a messaging for confirmation and monitoring of warranties would be established. This would be done using the ISO 20022 standard.

The end of 2021 will be the target date for the implementation of the remaining phases required to reach full force and effect of these standards.

Conclusion

Digitalisation is increasingly growing in a world that demands immediate answers and solutions. Today, this immediacy is possible by using up-to-date channels that allow you to improve your payment processes.

Do you want to make your business profitable and sustainable over time? At PAGO46 we provide you with an efficient and fast platform for solid customer service.

You have an ally committed to your well-being and your business. We take care of providing you with the easy-to-implement solution you need to boost payments in your business.

Receive cash payments securely and quickly, digitise the retail experience and much more. Learn more about PAGO46 by clicking here.

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