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Payment in Argentina Regulatory Changes Analysis

Potential Regulatory Changes

The Argentine payment industry operates under the significant influence of regulatory bodies, primarily the Banco Central de la República Argentina (BCRA), along with the Comisión Nacional de Defensa de la Competencia (CNDC) and the Secretaría de Comercio. The provided value chain analysis highlights a history of active regulatory intervention aimed at modernizing the payment system, promoting digitalization, increasing competition, and ensuring stability. Initiatives like Transferencias 3.0 and mandated QR code interoperability have already reshaped the landscape. [Value Chain Analysis] However, the analysis also points to ongoing challenges and areas ripe for further regulatory action.

Based on the identified bottlenecks and conclusions in the value chain report, several potential regulatory changes could be anticipated in the near to medium term:

  1. Deepening Interoperability Mandates: While Transferencias 3.0 has addressed push payments, the report notes that pull payments and loyalty integrations remain fragmented. [Value Chain Analysis] Future regulations could mandate broader interoperability standards across all digital payment methods, including seamless integration between different wallet providers, card schemes, and bank accounts for both initiating and receiving payments. This could involve defining technical standards, APIs, and participation rules for all relevant players.
  2. Enhanced Fraud Mitigation Requirements: The report flags card-not-present (CNP) fraud as a significant issue in Argentina. [Value Chain Analysis] Regulators may impose stricter requirements on payment participants, including issuers, acquirers, and processors, regarding fraud detection, prevention technologies (e.g., stronger authentication mandates), and shared negative databases. [Value Chain Analysis] This could lead to new rules around transaction monitoring, risk scoring, and liability shifts for fraudulent transactions.
  3. Regulations to Address Market Concentration and Promote Competition: Despite past divestment requirements and efforts to increase competition, the report indicates that processing and acquiring markets still exhibit concentration. [Value Chain Analysis] Future regulatory actions could target reducing switching costs for merchants, promoting fair access to essential payment infrastructure, or setting caps on fees in concentrated segments beyond current interchange limits, potentially through stricter enforcement of competition laws or new regulations governing infrastructure access.
  4. Measures to Formalize the Economy and Incentivize Digital Payments: The significant size of the informal economy and its reliance on cash remains a major challenge. [Value Chain Analysis] While broad economic policy is key, specific payment regulations could be introduced to incentivize the use of electronic payments in sectors currently dominated by cash. This might include tax incentives for merchants and consumers using digital methods or stricter reporting requirements for cash-intensive businesses.
  5. Framework for New Payment Technologies (e.g., CBDC): The report mentions the potential for CBDC deployment as an area for future research. [Value Chain Analysis] Should the BCRA decide to pursue a Central Bank Digital Currency, significant regulatory frameworks would be required covering its issuance, distribution, use cases, privacy implications, and interaction with the existing payment ecosystem (banks, fintechs, clearing houses).
  6. Improvements in Regulatory Stability and Predictability: The report highlights policy volatility (e.g., Comm. “A” 7769) as a challenge. [Value Chain Analysis] While not a specific type of regulation, future regulatory processes could involve longer consultation periods, the use of regulatory sandboxes for testing new technologies, and clearer communication to industry participants to improve predictability and encourage investment. [Value Chain Analysis]

These potential changes stem directly from the identified areas for improvement within the value chain analysis and the ongoing objectives of the BCRA to foster a more efficient, inclusive, and secure payment system in Argentina.

Potential Regulatory Change Potential Impact on Value Chain Steps/Players
Deepening Interoperability Mandates Initiation/Acceptance: Easier for consumers to pay, simpler acceptance for merchants. Increased competition among wallets/apps. Processing/Clearing: Need for updated systems to handle new message types/flows. Schemes: May require changes to rules/infrastructure for seamless interaction. Fintechs/Banks: Opportunities for new products, but also need for significant system updates.
Enhanced Fraud Mitigation Requirements Initiation/Acceptance: Potential for slightly more complex authentication flows. Processing/Issuing/Acquiring: Increased investment in fraud detection technology and compliance. Higher operational costs. Consumers/Merchants: Increased trust in digital payments, but potential for more declined transactions.
Address Market Concentration Processing/Acquiring: Increased competition, potentially lower fees for merchants. New opportunities for smaller players. Merchants: Lower costs, more choices for acceptance services. Established Players: Pressure on margins, need to innovate to retain market share.
Measures to Formalize Economy / Incentivize Digital Payments All Steps: Increased transaction volumes in the formal electronic system. Opportunities for all players to gain new users/merchants. Informal Sector: Pressure to adopt formal payment methods.
Framework for New Payment Technologies (e.g., CBDC) Settlement: Potential new settlement layer. Banks/Fintechs: Need to integrate with CBDC infrastructure. New product opportunities. BCRA: Significant operational and oversight responsibilities.
Improvements in Regulatory Stability All Players: Increased confidence for long-term investment and strategic planning. Reduced compliance costs associated with frequent, sudden changes. Foreign Investors: Increased attractiveness of the market.

References

  • Banco Central de la República Argentina. Sistemas de Pago. https://www.bcra.gob.ar/SistemasDePago/Sistemas-de-pago.asp
  • Banco Central de la República Argentina. Medios de pago electrónico. https://www.bcra.gob.ar/PublicacionesEstadisticas/Medios_pago_electronico.asp
  • COELSA. Cámaras Electrónicas de Compensación. https://www.coelsa.com.ar/
  • Latam Fintech Hub. “Paytechs, los nuevos eslabones clave de la cadena de valor…” https://latamfintech.io/blog/paytechs-los-nuevos-eslabones-clave-de-la-cadena-de-valor-en-los-pagos-digitales/
  • Infobae. “Fuerte cambio en los medios de pago: las transferencias inmediatas…” https://www.infobae.com/economia/2024/12/19/fuerte-cambio-en-los-medios-de-pago-las-transferencias-inmediatas-de-dinero-aumentaron-casi-50-en-2024/
  • Americas Market Intelligence. “E-commerce en Argentina: estadísticas y datos 2023.” https://americasmi.com/es/blog/e-commerce-argentina-estadisticas/
  • rankingslatam. Mercado de Tarjetas de Crédito y Débito en Argentina. https://rankingslatam.com/mercado-tarjetas-credito-debito-argentina-rankings/
  • BOLETIN OFICIAL REPUBLICA ARGENTINA. Comunicación BCRA “A” 7769/2023. https://www.boletinoficial.gob.ar/detalleAviso/primera/287697/20230517
  • OECD. “Competencia, Fintechs y Open Banking en Argentina.” https://www.oecd.org/daf/competition/Session%20I%20Competition,%20Fintechs%20and%20Open%20Banking%20in%20Argentina.pdf
  • Visa Press Release. “Visa establece operaciones en Argentina.” https://visa.la/about-visa/newsroom/press-releases/nr-la-ar-20231121.html
  • Mordor Intelligence. Argentina Payments Market Report. https://www.mordorintelligence.com/es/industry-reports/argentina-payments-market
  • Getnet Argentina. Actividades Prohibidas. https://www.getnet.com.ar/storage/documentos/principales/getnet-actividades-prohibidas-uso.pdf
  • Marval, O'Farrell & Mairal. “Nuevas medidas de interoperabilidad para pagos con QR.” https://www.marval.com/publicacion/se-amplia-el-universo-de-proveedores-de-servicios-de-pagos-regulados-y-se-establecen-nuevas-medidas-de-interoperabilidad-para-pagos-con-qr-14832
  • BCRA. Informe de Inclusión Financiera. https://www.bcra.gob.ar/Pdfs/Comunicaciones/Informe%20de%20Inclusion%20Financiera.pdf