According to the regulation, banks should develop a mobile application that allows users to carry out transactions with their cell phones; an application that enables users to receive payments from a debit card.
More than that, banks will be required to develop an ecommerce purchase button, which will be linked to the users bank account, thus saving them the trouble of having to log into their account and meaning the transaction is direct, without intermediaries.
Currently, retailers must add a 1.5% charge to the purchase price when receiving payments from a debit card and also wait 48 hours for it to clear, while in the case of credit cards they have to add 3% and wait 30 days for the money.
According to the report, the BCRA is seeking to eliminate bank transfer charges for companies registered as small companies with revenues of up to 2.5mn pesos (USD 180,000) per year.
In addition, many countries have activated mobile wallets, whereby the consumer places their phones close to a receiver and the payment is made automatically via their account using close-range wireless technology like NFC.
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