2023-09-26 00:59:00
The virtual wallet Payment Market denounced this Monday that a regulation of the Central Bank (BCRA) could affect your more than 4 million users. This is the implementation of the Pull Immediate Transfers (TIP) system to replace the consolidated Immediate Debit (DEBIN).
BCRA regulations establish that, as of December 1, participants in the national payment system – banks and virtual wallets – that currently use Debin to deposit funds into their accounts They must discontinue this operation and enable their clients with TIP. The argument established by the BCRA is that it seeks “prevent cases of fraud.”
From Mercado Pago they sent a statement rejecting the new measure. They stated that the rule change “was promoted by the banks” and that 4 million people who use Immediate Debit to deposit money “they will be affected”.
Immediate Debit is a system that began to be used to deposit money in Mercado Pago almost three years ago, becoming in the funding channel most valued by peoplefor its “simplicity and security,” the company recalled.
“The banks have managed to get the BCRA to replace this tool with another that has more friction for the user,” they noted. Pull Immediate Transfers, according to the fintech, “still have flaws and do not serve as a replacement.”
The Central Bank defined “immediate pull transfers” as “requests or requests for funds that allow the debit of the account – demand or payment – of the client receiving the request and prior authorization or consent, the immediate crediting of funds to the account of the requesting client”. This is an “immediate debit”, from which an app user can deposit money from other accounts, whether bank or fintech.
«In our tests, 9 out of 10 people cannot deposit money into their accounts from the digital wallet, creating inconveniences in the experience by forcing users to go through multiple steps in their home banking – and even to go to an ATM. to be able to operate. Therefore, we believe that dContinuing from December 1 a tool that has been working for years and is safe for millions of Argentines is negative«, they remarked from Mercado Pago.
“Payment Market”:
For its statement on a measure by the Central Bank pic.twitter.com/YsPbMJ1nwo— Why is it a trend? (@becausetendencia) September 25, 2023
The Mercado Libre fintech highlighted that “in the context of an inflation of 124% year-on-year, lBanks seek to prevent millions of Argentines from sending money to your Mercado Pago digital account. Today, this account yields 94.6% annually (average of the last 7 days) and is a very convenient tool to protect yourself, at least in part, against the loss of purchasing power.
Likewise, he highlighted that «Immediate Debit is the safest means of transfer that exists. It has the lowest fraud rate recorded in the country (0.02% of total transactions) and, in addition, when it occurs it is covered by Mercado Pago. Despite this, and declaring the objective to ‘prevent fraud’, on Thursday the 14th the BCRA eliminated this means of funding accounts and replaced it with immediate ‘pull’ transfers, generating difficulties where there were none.
In that sense, he warned that “The announced measure is a new direct attack on financial inclusion, which will negatively affect the experience of millions of users and will induce the use of cash.”
Mercado Pago denounced a new Central rule in favor of banks: the response
In this regard, the BCRA indicated that there is “nothing in sight” about the operation of the TIPs. And they emphasized that «Mercado Pago, until now, has always been legal and we trust that it will continue to be so.«.
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