New Regulation Implementing The Mobile Payment Platform

Author:Mr Juan Diehl Moreno and Santiago Ezequiel Eraso Lomaquiz
Profession:Marval O'Farrell & Mairal

On June 3, the Central Bank of Argentina issued Communiqué “A” 5982 that provides the basic regulatory framework to allow financial institutions to offer immediate fund transfers through a new channel called “Mobile Payment Platform”.

Communiqué “A” 5982 gives financial institutions the possibility of offering their clients with call accounts the service of immediate fund transfers and payments to third parties' accounts (hereinafter, “Transfers”) operating through the “Mobile Payment Platform” (hereinafter, the “Platform).

These Transfers shall be individualized according to their type within the Platform, and may be performed for an aggregate amount not exceeding the equivalent of a minimum wage, as determined by the competent authorities for the previous month (pursuant to Resolution 2/2016 of the National Employment Council, the current value of a minimum wage is AR$ 6.810, approximately USD 445 at the current exchange rate). Nevertheless, this regulation specifies that such limit may be exceeded provided that complementary security measures were implemented.

The Central Bank determined that clients must be able to access the Platform using their debit cards or any other means, provided that (i) they guarantee the authenticity of the transactions and (ii) clients are furnished with a certificate —either in physical or digital support— of the transaction. As opposed to several other regulations, this section of the aforementioned Communiqué contains neutral language that does not limit its applicability to any certain type of technology, e.g., cards.

Additionally, financial institutions must provide their customers —before August 1, 2016— with a card to access their call accounts allowing them to perform immediate fund transfers, among other services.

The Central Bank also determined that financial institutions offering the home banking service shall:

i) provide their customers with a mobile application to canalize the Transfers, free of charge;

ii) offer their customers the possibility to perform immediate fund transfers using security devices to validate the transactions, including generic deviceswhich may also be provided by third parties allowing for validation of transactions...

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