Tuesday, July 26, 2016

Deadline for banks to implement Mobile Payments Platform regulated by Central Bank expires on Monday

Under this channel, three payment methods are identified: dongle, which adds to mobile devices to make credit card transactions; transfer between people through the cell phone, without an additional device; and the payment button for buying and selling services via the web. A subsequent resolution of the Central Bank also put the focus on the safety of operations.

In early June, the Central Bank of Argentina (BCRA) issued Communication A 5982, whereby it created the channel  “Plataforma de Pagos Móviles (PPM)” (Mobile Payments Platform). Under this new nomenclature, three payment methods, which must be individualized in online and mobile systems of banking institutions are launched. First, devices or dongles that are added to the mobile terminal; then, transfer between people via cell phone without an additional device; and finally, the payment button for the purchase or sale of products and services from the web.

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