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Value Chain Analysis of the Payment in Argentina.

Commercial Relationships

The payment industry in Argentina operates through a complex web of commercial relationships connecting diverse players across the value chain. These relationships, often governed by intricate agreements and regulated frameworks, define the flow of transactions, data, and value. At the core of the system, the interaction begins with the Payer (Consumer/User) and the Merchant (Physical/Online). The Payer initiates a transaction using a payment instrument provided by an Issuer (Bank, Fintech), facilitated by the Merchant who has an agreement with an Acquirer (Bank, PSP).

In the Payment Initiation and Authorization step, the commercial relationship is primarily between the Merchant and the Acquirer (or Payment Facilitator). The Merchant agrees to accept certain payment methods supported by the Acquirer. The Acquirer provides the Merchant with the necessary infrastructure (POS terminals, online gateways) and services to capture transaction data. A commercial agreement exists between them, defining transaction fees, settlement terms, and responsibilities. Simultaneously, a relationship exists between the Payer and the Issuer of their payment instrument (card, digital wallet). The Issuer provides the Payer with the instrument and account, establishing terms of use, credit limits (for credit cards), and account funding rules. During authorization, the Acquirer sends the authorization request to the Scheme Manager (Card Network, Transfer Scheme), which routes it to the appropriate Issuer. Commercial agreements exist between Acquirers, Issuers, and Scheme Managers, detailing the rules for transaction routing, authorization protocols, and the critical interchange fee structure.

Moving to Transaction Processing, Acquirers and Issuers often contract with Processors (third-party or in-house) to handle the technical aspects of moving transaction data. The commercial relationship here is a service agreement where the Processor charges fees (per transaction, monthly fees, etc.) to the Acquirer and/or Issuer for services like data capture, transmission, switching, and stand-in processing. Payment Gateways and Payment Facilitators/Aggregators (PSPs) have commercial relationships with Merchants, providing them with integrated solutions for accepting various payment methods and simplifying the technical and contractual burden of connecting directly with multiple acquirers. PSPs also have commercial relationships with Acquirers and Scheme Managers to access the payment networks and processing capabilities.

In the Clearing step, Financial Institutions (Banks) and other authorized participants have a direct commercial relationship with Electronic Clearing Houses (CECs) like COELSA. Participants pay fees to the CECs for the service of receiving transaction data, reconciling transactions, and calculating net settlement positions. These fees cover the operational costs of the clearing house. Commercial agreements define the rules of participation, data formats, and clearing schedules. The Central Bank (BCRA), while regulatory, also has a functional relationship with CECs and participating institutions regarding the oversight and reporting of clearing activities.

The Settlement step involves the transfer of funds, primarily within the Central Bank's (BCRA) real-time gross settlement system (MEP) or through net settlement processes managed by clearing houses. The commercial relationship here is primarily between the Financial Institutions and the Central Bank for holding settlement accounts and executing fund transfers. While not a direct 'commercial' fee structure in the traditional sense, participation in the MEP involves adhering to the BCRA's operational rules and potentially incurring costs related to maintaining reserve requirements and managing liquidity within the system. Clearing houses like COELSA manage the settlement process based on their netting calculations, instructing the fund transfers between participants' accounts held at the BCRA.

Scheme Management and Network Operation involves entities like Card Networks (Visa, Mastercard, Cabal) and Transfer Scheme Administrators (Coelsa, Interbanking, Prisma, Red Link). They have commercial relationships with Issuers and Acquirers. These relationships are based on participation agreements where Issuers and Acquirers pay fees (licensing fees, assessment fees, per-transaction fees) to the Scheme Managers for the right to issue cards bearing their brand, accept payments processed through their network, and utilize their infrastructure and rules. Scheme Managers set the interchange fees, a critical component of the commercial relationship between Issuers and Acquirers, which is a fee paid by the Acquirer to the Issuer per transaction. For immediate transfer schemes like Transferencias 3.0, administrators establish the rules for interoperability and charge fees to participating entities (banks, PSPs) for utilizing the network and facilitating transfers between different accounts (CBU/CVU).

In Account and Instrument Provision, the primary commercial relationship is between the Financial Institution (Bank, Fintech) and the Consumer/Business. The institution charges fees for account maintenance, transaction services, card issuance, and other related services. These can include monthly fees, per-transaction fees (though less common for standard retail accounts), ATM fees, and fees for specific services like international transfers. Fintech Companies providing digital wallets and virtual accounts establish commercial terms with their users, which might involve fees for certain transactions or premium features.

Acceptance and Merchant Services involve a direct commercial relationship between Acquirers/PSPs and Merchants. Merchants pay fees to the Acquirer/PSP for accepting electronic payments. These fees, known as Merchant Discount Rate (MDR) or service fees, are typically a percentage of the transaction value plus a fixed fee. The MDR is shared among the Acquirer, the Scheme Manager (assessment fees), and the Issuer (interchange fees). PSPs often simplify this structure for smaller merchants but still build their pricing on these underlying costs. Technology providers in this segment, such as POS Terminal Providers and Gateway Providers, have commercial relationships with Acquirers, PSPs, and sometimes directly with large Merchants, charging for equipment sales, rentals, and software licenses.

Finally, Technology and Infrastructure Provision involves commercial relationships where Technology Providers sell or license software, hardware, and network connectivity to other players in the value chain (Banks, Fintechs, Processors, Acquirers, Scheme Managers). This includes core banking software, payment processing platforms, fraud detection systems, POS terminals, servers, and telecommunications services. The commercial models are typically licensing fees, subscription fees, maintenance contracts, and hardware sales.

Products and Services Exchanged

Across the Argentinian payment value chain, a diverse array of products and services are exchanged between the different players, enabling the seamless flow of payments.

In the Payment Initiation and Authorization step, the primary "product" exchanged from the Payer to the Merchant is the intent to pay and the payment instrument information (card number, expiry date, security code; account details for A2A; digital wallet credentials). The Merchant provides goods or services to the Payer. The Merchant sends a transaction request containing details like amount, date, and payment instrument information to the Acquirer. The Acquirer transmits an authorization request to the Scheme Manager. The Scheme Manager routes the authorization request to the Issuer. The Issuer checks the account status, verifies funds/credit, performs fraud checks, and sends an authorization response (approved or declined) back through the Scheme Manager and Acquirer to the Merchant. The Issuer provides the Payer with a payment instrument (physical card, virtual card, digital wallet access) and an account (CBU/CVU).

During Transaction Processing, Processors receive transaction data from Acquirers and/or Issuers. They provide services like data validation, formatting, routing, switching, authentication support, and stand-in processing. The output of this step is validated and routed transaction records sent to the clearing houses or directly to Issuers for authorization response forwarding. Payment Gateways and PSPs provide integrated payment acceptance solutions to Merchants, which include APIs, software libraries, and unified interfaces for processing various payment methods. They handle the technical connection to multiple acquirers and scheme managers on behalf of the merchant.

In the Clearing step, Financial Institutions submit batches of transaction data to the Electronic Clearing House (CEC). The CEC provides reconciliation services, netting calculations, and clearing reports to the participating institutions and the Central Bank. The output is the net position (amount owed or due) for each participant, based on the aggregated transactions exchanged during the clearing cycle.

The Settlement step involves the exchange of funds between the settlement accounts of Financial Institutions, typically held at the Central Bank (BCRA), based on the net positions determined during clearing. The Central Bank, through the MEP, provides the real-time gross settlement infrastructure for high-value transfers and the final settlement of net positions from clearing houses. Clearing houses manage the settlement instruction process, providing the necessary data to the BCRA and participants.

Scheme Managers and Network Operators provide the fundamental rules, standards, and technical infrastructure that enable the payment method to function. For card networks, this includes the network itself for routing transactions, branding and marketing, security standards, and the interchange fee structure. For transfer schemes, they provide the interoperability framework, messaging standards, and potentially the central infrastructure for routing immediate transfers between different institutions and account types (CBU/CVU). They essentially offer a license to participate in their network or scheme.

In Account and Instrument Provision, Financial Institutions provide deposit accounts (CBU), virtual accounts (CVU), credit lines, and payment instruments (physical/virtual cards, digital wallet access) to Consumers and Businesses. They also offer related services like online banking platforms, mobile applications, customer support, and account statements.

Acceptance and Merchant Services involve Acquirers/PSPs providing Merchants with payment acceptance hardware (POS terminals), software (online payment gateways, mobile apps for acceptance), integration tools, transaction processing services, reporting and reconciliation tools, and merchant funding (transferring settled funds to the merchant's bank account). They act as the interface for the merchant to the broader payment ecosystem.

Finally, Technology and Infrastructure Providers supply the underlying technology components to the other players. This includes payment software licenses (for processing, fraud detection, digital wallets), hardware (servers, networking equipment, POS terminals), security solutions (encryption, tokenization), and network connectivity. They provide the essential building blocks for the digital payment infrastructure.

Business Models

The commercial relationships in the Argentinian payment industry are underpinned by various business models, designed to generate revenue and cover costs for each participant in the value chain.

For Issuers, a primary business model is based on interchange fees. When a cardholder makes a purchase, the Issuer receives a portion of the Merchant Discount Rate (MDR) paid by the merchant to the acquirer. This interchange fee is set by the card networks and represents a significant revenue stream for issuers, compensating them for providing the card, managing the account, and taking on the credit risk (for credit cards) or liquidity risk (for debit). Issuers also earn revenue from cardholder fees (annual fees, late payment fees, ATM fees, currency conversion fees) and interest on credit card balances. For digital wallets and prepaid cards, the model might involve fees for loading funds or premium features.

Acquirers generate revenue primarily through the Merchant Discount Rate (MDR), which is the percentage of each transaction value (plus sometimes a fixed fee) charged to the merchant for accepting electronic payments. The Acquirer keeps a portion of the MDR after paying the interchange fee to the Issuer and assessment fees to the Scheme Manager. Acquirers may also charge additional fees for terminal rentals, installation, maintenance, and value-added services to merchants. Their model is volume-driven, relying on processing a large number of transactions.

Scheme Managers (Card Networks, Transfer Schemes) operate on assessment fees charged to both Issuers and Acquirers based on transaction volume, value, or other metrics. They also earn revenue from licensing fees paid by financial institutions for the right to participate in their network and use their brand. For transfer schemes like Transferencias 3.0, the model involves charging participating entities (banks, PSPs) fees for utilizing the network for routing and processing immediate transfers, often based on transaction volume or a fixed access fee.

Processors typically use a per-transaction fee model, charging Acquirers and Issuers a small fee for each transaction they process. They may also have monthly service fees, setup fees, and fees for specific services like fraud monitoring or data analytics. Their model is largely based on efficiently processing high volumes of transactions.

Payment Gateways and Payment Facilitators (PSPs) often employ a tiered pricing model for merchants, which can include a combination of monthly fees, per-transaction fees (often a percentage of the transaction value, similar to a simplified MDR), and setup fees. PSPs aggregate transactions from multiple merchants and have commercial agreements with acquirers and networks, allowing them to offer simpler pricing and onboarding to smaller businesses. Their model is based on providing an easy-to-use platform and consolidated services.

Electronic Clearing Houses (CECs) like COELSA charge fees to participating Financial Institutions for clearing services. These fees cover the operational costs of receiving, reconciling, and netting transactions. The model is typically based on the volume or value of transactions cleared.

The Central Bank (BCRA), as a regulator and operator of the settlement system (MEP), does not operate on a commercial for-profit model. Its 'costs' related to the payment system are part of its broader mandate for financial stability and efficiency, funded through its overall operations. However, participants in the MEP incur costs related to liquidity management and adherence to operational requirements set by the BCRA.

Financial Institutions (Banks) providing accounts and instruments have a multi-faceted business model. They earn revenue from interest income on loans and credit card balances, account maintenance fees, transaction fees (for specific services), interchange fees (as Issuers), and merchant discount rates (as Acquirers). They also leverage their payment services to attract and retain customers for other banking products.

Technology and Infrastructure Providers use various models, including software licensing fees (one-time or recurring), subscription fees for cloud-based services, hardware sales and maintenance contracts, and per-transaction fees for using their platforms or processing capabilities. Their revenue is derived from providing the essential technical backbone for the payment industry.

Overall, the business models are interconnected. Interchange fees set by schemes influence the MDR charged by acquirers to merchants, which in turn affects the pricing offered by PSPs. Regulatory caps on interchange or MDR directly impact the revenue streams of Issuers and Acquirers.

Bottlenecks and Challenges

Based on the detailed outline of relationships and business models, several bottlenecks and challenges in the Argentinian payment value chain become apparent, often stemming from the interactions between players and the broader economic and regulatory environment.

The Inflationary Environment is a significant challenge that impacts the entire value chain. For Merchants and Acquirers, high inflation makes setting and maintaining stable pricing (MDRs) difficult as the real value of fees erodes quickly. For Issuers, managing credit risk on credit cards becomes more complex in a volatile economic climate. For all players, the constant need to adjust systems and pricing reflects the instability, diverting resources from innovation. The rapidly changing nominal values of transactions also pose operational challenges for Processors and Clearing Houses in managing transaction volumes and values.

Regulatory and Policy Uncertainty, while intended to promote competition and efficiency, can create bottlenecks due to frequent changes in rules. For Scheme Managers, Issuers, and Acquirers, adapting to new interchange fee regulations or interoperability mandates (like Transferencias 3.0 requirements) requires significant system changes and can disrupt existing commercial agreements and business models. For Fintechs and new entrants, regulatory uncertainty can make investment decisions riskier and slow down the pace of innovation as they navigate evolving compliance requirements set by the BCRA. The relationship between regulators and regulated entities can become strained if policy changes are perceived as abrupt or lacking clarity.

Infrastructure Gaps pose a bottleneck for extending the reach of the payment value chain. While digital payments are growing, the lack of reliable internet connectivity or sufficient digital literacy in some regions limits the ability of Merchants (especially SMEs in less urban areas) to adopt electronic payment acceptance and for Consumers to initiate digital payments via digital wallets or online banking. This affects the commercial relationships between Acquirers/PSPs and potential Merchants, as the cost of deploying and maintaining infrastructure in remote areas can be prohibitive. It also limits the addressable market for Issuers and Digital Wallet Providers. The relationship between Technology Providers and other players is also impacted, as demand for infrastructure and hardware might be concentrated in urban centers.

The High Level of Informality in the Argentinian economy represents a fundamental challenge to the growth of the formal payment value chain. A significant volume of transactions occurs entirely outside the electronic system, meaning Acquirers/PSPs miss out on potential merchant relationships and transaction volume, and Issuers see lower usage of their instruments. This informal sector operates outside the purview of Regulators, making it difficult to bring these transactions into the formal, traceable payment system. The commercial relationships that drive the electronic value chain are simply absent in informal transactions.

While progress has been made, the Need for Further Interoperability remains a challenge. Although Transferencias 3.0 has improved A2A transfers, ensuring seamless and cost-effective interoperability across all payment instruments (cards, QR codes from different wallets) and platforms is crucial. Lack of full interoperability can fragment the market, limiting choices for Consumers and requiring Merchants to manage multiple acceptance solutions and relationships with different Acquirers/PSPs. This increases complexity and costs in the relationships between Merchants and their service providers and can hinder the network effects that drive broader adoption. The commercial relationships between Scheme Managers and their participants are directly impacted by interoperability requirements, potentially leading to renegotiation of terms or new technical integrations.

Security and Fraud Risks are a constant challenge, requiring continuous investment by all players. Issuers, Acquirers, Processors, and Scheme Managers must invest heavily in fraud detection and prevention systems to protect transactions and maintain user trust. This adds to the operating costs within their business models. A security breach or significant fraud incident can damage the reputation of individual players and the payment system as a whole, impacting the trust in the commercial relationships between Consumers and Issuers/Digital Wallet Providers, and between Merchants and Acquirers/PSPs. Technology Providers face the challenge of constantly developing more sophisticated security solutions to meet evolving threats.

Access to Financing can be a bottleneck, particularly for smaller Fintechs and aspiring Technology Providers. Developing innovative payment solutions or deploying acceptance infrastructure requires capital. Difficulty in securing funding can slow down the pace of innovation and limit the ability of new players to enter and compete effectively with established Financial Institutions and Processors. This impacts the potential for new commercial relationships and the introduction of new products and services into the value chain.

Finally, historical Market Concentration in certain segments, while being addressed by regulators, can still pose challenges. A lack of sufficient competition among Acquirers or Processors could potentially lead to higher fees for Merchants, impacting their commercial relationship with these providers. Similarly, concentration among Issuers could limit choices for Consumers. Regulatory efforts to promote competition are aimed at ensuring fair terms in the commercial relationships throughout the value chain.

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