On May 30, 2024, the Central Bank of the Argentine Republic (“BCRA”) issued communications “A” 8030 and “A” 8032.
Communication “A” 8030 modifies communications “A” 7514, “A” 7996, establishing that:
- The immediate transfer service known as “pull” for the same holder, as envisaged in the resolution of the same authority (BCRA), “A” 7514, will not be applicable to the current accounts of legal entities provided for in the regulation on “Regulation of the Bank Current Account”, nor to special current accounts for legal entities included in the regulations on “Savings deposits, payroll accounts and special accounts”.
- The payment of the 0.3% fee established in point 1.b) of BCRA communication “A” 7996 will not be required for “pull” transfers with express or tacit consent, by financial institutions or PSPCPs that provide the credited account.
Additionally, through BCRA Communication “A” 8032, it was resolved that when a credit card payment is initiated from an interoperable digital wallet, through the reading of a QR code, the responsibility for fraud will be assumed by the wallet; determining that:
- All registered digital wallets, whether bank-owned or provided by payment service providers allowing payments with credit cards and/or prepaid cards via QR codes, must be interoperable.
- The responsibility for any transaction registered through the credit card via the QR Code will lie with the wallet processing the transaction.
There are only a few exceptions to the wallet’s liability:
- When the wallet processes the payment in compliance with the tokenization and authentication technical requirements and standards of the card brand.
- When the payment cannot be processed with the technical requirements and standards decreed by the card brand, as they were implemented by all transaction participants except for the acquirer/aggregator. In this case, only the acquirer/aggregator can be held responsible for the fraud.
- When there is a contrary agreement among issuers, wallets, and/or acquirers/aggregators involved in the transaction.
Furthermore, in the same BCRA communication “A” 8032, in its clause 3, it was stipulated that a PSP or financial institution offering digital wallet services may charge an issuing bank 0.07% of the transaction amount for intermediating in a credit card payment.
In conclusion, communication BCRA “A” 8032 established that this communication and “A” 7769, regarding interoperability in credit card payments via QR code reading, will also apply to payments made with prepaid cards.
This provision will come into effect on February 22, 2025 (270 days after May 30, 2024).
