For years, the BCRA (Central Bank of the Argentine Republic) has been fostering digitalization and financial inclusion. In light of these transformations, last year on December 7th, the BCRA approved the “Transferencias 3.0” (3.0 Transfers) program, seeking to build a digital ecosystem of open and universal payments in order to replace cash. Besides, this standardized electronic payment method allows people to pay and receive payments from banking apps or e-wallets through immediate transfers, making them quicker, safer, and more effective.
3.0 transfers bring benefits to users, who now have more options when it comes to making payments, and they can use any payment platform, free of charge. On the other hand, shops also reap benefits, for instance, by receiving -irrevocable- payments on the spot 24/7 with lower fees, thus offering more payment options to their clients.
In view of these regulations, banks from Argentina are accelerating their digital transformation. At Flux IT, we have been working with Banco Galicia on their “Transferencias 3.0” project. This joint work will soon go live and it is at the validation stage with MODO, the e-wallet that brings together all the Argentine banks.