The Central Bank will establish a single QR code standard to make payments in the public transportation system, after having received seven QR code proposals for public transport, both from banks and Mercado Pago.
There will be a single standard that guarantees that it is an interoperable system, so that it is competitive and open. Before the end of the year, what this standard will be will be defined and the industry will be in charge of developing it.
New system
The QR in transportation will be different than in stores, because the QR must be generated in the virtual wallet and there will be a QR reader, in a unified system throughout the country, so that it can be read both on a Formosa bus or on the Buenos Aires subway, as established by the Payment Methods Commission coordinated by the Bcra.
Then, all wallets, both Mercado Pago and Modo, can develop it, which levels the playing field between bank and fintech wallets so that both are on equal terms.
Regulations
The rule provides that financial entities, payment service providers that offer payment accounts and other payment service providers regulated by the Central Bank who wish to play a role in the payment chain involving electronic fund transfers initiated with QR codes Those who debit accounts offered to pay for public transportation must:
- Adhere to what the regulations of the Central Bank and the bulletins of the Interbank Commission for Payment Methods of the Argentine Republic establish on the matter, including the date from which they will be able to offer the service.
- Offer it once the Central Bank discloses the particular technical specifications of the QR codes and the operational flows to be applied, not being able to offer another functionality for that purpose that uses a QR code and allows customers to pay with money on account.
