New digital payment system will compete with Mercado Pago
The strategy was created by four main banks in Argentina and seeks to advance a better banking system in the country
Four of the main banking entities in Argentina will launch an application to compete with Mercado Libre, with the tool you can pay and make transfers using the QR method through the phone.
The main objective is to offer customers a payment system that allows transactions related to credit cards and bank accounts. Through the tool clients can also pay purchases and make transfers between participating banks, while providing promotions and multiple benefits.
The banks that will present the new digital platform in society are: Santander, Galicia, Macro and BBVA. For its part, the service would be available from July while they continue working to add a larger number of banks to the initiative.
Likewise, the banking entities that concentrate 40% of the country’s financial market, have already communicated the initiative to the Central Bank of the Argentine Republic (BCRA), although for the moment they have not announced the name, the logo, or the brand of the application.
It is presumed that this initiative is intended to be the imitation of other more successful experiences such as MobilePay, the online payment service that began in 2013, as well as the Switch application, currently used by 10 million people in Sweden. However, Zelle takes the lead in the payment services category.
K.Villarroel
Source: ambito
