On 18 May 2023, the Central Bank of Argentina (“BCRA”) issued Communication “A” 7769 (the “Communication”) which introduces new developments on digital payments and collection service providers.
The BCRA incorporates new Payment Service Providers (“PSPs”) that will have to register with the BCRA:
- PCT Acceptors: the Communication defines PCT Acceptors as those whose role is to “Accept merchants into payment transfer schemes. It comprises the following tasks: facilitating the mechanisms to initiate payments, transmitting the payment order information to the administrator or other participants of the scheme concerned and, if authorized, confirming the transactions”.
- Acquirers: those whose function is to: “Acquire merchants into card payment schemes. This includes: facilitating the mechanisms to initiate payments, transmitting the payment order information to the administrator or other participants of the scheme concerned and, if authorised, confirming the transactions”.
- Aggregators or sub-acquirers: those whose function is: “to provide merchants with access to payment schemes that the aggregator has contracted with one or more acquirers, using for this purpose the identifier number of the aggregator or sub-acquirer, which acts as the receiving customer of the funds from the settlement of the different payment schemes”.
- Extra-bank collection companies for taxes and/or services: collection networks that “provide the service of payment and/or collection of taxes and/or services on behalf of third parties through networks of agents, through the use of cash and/or payment instruments”.
Businesses covered by these new categories will have to register before they start operating; businesses already operating will have to register by 1 October 2023.
In addition, the Communication requires interoperability for paying by credit card via QR. Any printed image, device or terminal that is provided or made available by an acquirer or aggregator that accepts credit card payments via QR shall:
- Allow accepting transfer payments on the same QR displayed when the acquirer or aggregator is also a transfer payment acceptor; and
- Allow any interoperable digital wallet registered in the “Register of interoperable digital wallets” to make payments with the associated credit cards in case merchants accept them through the relevant aggregator or acquirer.
In addition, the Communication requires originators to comply with rules on credit transfers. Initiating PSPs (“PSIs”) must comply with the requirements of the “National Payment System – Credit Transfers” and the “National Payment System – Credit Transfers – Supplementary Rules”.