Payments with QR code will have a strong boost from June when Users of Mode, the electronic wallet belonging to 35 public and private banks, can start paying with this tool in the 1.3 million businesses that accept Mercat Pagament. While Central Bank regulations recently provide for full interoperability of QR payments by November 30, in which all businesses must accept payments from all portfolios, market sources confirmed that the two main players in this system will not wait until then and in the middle of the year the first big step will have been taken to massify this way of paying.
Mode is the common electronic wallet of 35 major country banks and is used to make payments and transfers with accounts and cards of any of these banks. It already has 1 million users. Its launch, part of the BCRA’s “Transfers 3.0” plan, was planned by financial institutions to compete with the company founded by Marcos Galperín in the busy media business. In recent years, Mercat Pagament has set up a network of small businesses that began receiving QR payments from both bank cards and transfers from their own accounts. Partners and competitors at the same time, Mode and Mercat Pagament are launching the interoperability that the Central Bank expects. Manera employees and some nearby circles are already doing the first operations, as a test.
As expected in the market, is that every time it comes time to pay the customer can turn on his cell phone and choose from all available portfolios, whether banking (such as Mode) or a fintech ( such as the Payment Market itself). Thus, you will choose in each payment what suits you best. “When all QRs accept all portfolios, there can be a war of promotions and discounts, although this has certain limits, because the margins are very small. In addition, the customer experience should not be underestimated, this also makes the user decide, ”explained a financial sector executive.
Mode is the common electronic wallet of 35 major country banks and is used to make payments and transfers with accounts and cards of any of these entities. It already has 1 million users
Other digital wallets have already made the “request for credentials” payment to Mercat, which is how the technical process for enabling payments is known.. Users of BNA +, (From the Nation Bank), DNI account (From the Province Bank), the portfolio of Santander, And other applications such as Yacaré, Reba (From the Transatlantic group) or Ank (From Banco Itaú), they have already advanced on this path. As a pilot test, many of them can already pay in QRs Payment market of strings com Farmacity, Burger King He The Anonymous. The ultimate goal, of course, is to reach the entire network.
en Way they understand that the million users reached is just the beginning, given the huge number of potential users (all customers of the top 35 system banks) and that the technological process is not over yet. The application is designed so that the user can download it directly on their mobile or can use it by logging in through their bank’s app. Many large banks (Nation, Galicia, BBVA, Macro, Santander, Itaú, Supervielle, ICBC and Patagonia, Among others) have already begun to promote its use.
At the same time, outside the Payment Market network, Way it can now be used to pay with credit and debit cards at the terminals Recorded (from Fiserv) and Pis (from Prism).
The only absentee in the digital portfolio of the 35 banks is the province. Way it had strong support from the national government, which pushed it as an instrument of financial inclusion. To the point, it was presented to President Alberto Fernández at the Casa Rosada and that the president of Play Digital, the company made up of the 35 banks to manage Way, is Eduardo Hecker, The head of the Nation Bank.
So much official support was not replicated in the Buenos Aires government. Although one of the axes of Way is that it coexists and integrates with the digital applications of each bank, the Province Bank chose to keep only with its own project. DNI account it was launched at the beginning of the pandemic to expedite the payment of Family Emergency Income (IFE) but was later consolidated as a new digital tool, with 2.9 million downloads. The Province added a strong commercial campaign, with discounts and promotions. According to data from the entity, in February 892,000 purchases were made in shops for $ 1,149,000 pesos, 21% more than last January.
The Transfers 3.0 plan sets November 30 as the deadline for full interoperability. But in addition to QR payments, interoperability also covers transfers and requires that all bank-based accounts (with CBU key) can receive and send money to all virtual accounts (with CVU key), which are those based on fintech. In this case, about Way complaints from some fintechs fall in the sense that they did not enable interaction with virtual accounts as required by law.