New Developments Related to QR Payments

On April 9, 2019, the Argentine Central Bank (the “BCRA,” after its Spanish acronym) passed Communique “A” 6668 (the “Communique”) on standards for payments by Quick Response codes (“QR codes”) by including a uniform virtual code (the “CVU,” after its Spanish acronym) in the 51st position of the applicable standard for that technology.

Since 2016, the BCRA has intensified its efforts regarding rules to broaden the options for electronic payments while updating the rules for a greater use of technologies in the financial service industry (see "New Regulation Implementing the Mobile Payment Platform"). Along these lines, in May 2018, the BCRA created the CVU, which allows the transfer of funds from bank accounts to virtual accounts (see Marval News #184 Clave Virtual Uniforme (CVU)).

Likewise, through the Communique, the BCRA requires financial entities to authorize payments by QR codes through CVU. Even though the Communique is applicable only to financial entities previously registered with the BCRA, its impact on FinTech operations whose clients use CVU is clear. Therefore, the Communique broadens the use of CVU.

This new regulation shows  progress in the synergy between financial entities and the FinTech industry aimed at formalizing the economy and fostering financial inclusion, extending the range of options available to make collections, payments and transfers of funds.