The launch of full QR interoperability for credit card payments in Argentina faced a setback this week as the Central Bank and Mercado Pago failed to reach an agreement on the implementation of the scheme. It was expected that Mercado Pago would make it possible to pay with any QR credit card nationwide on Thursday, but new delays have emerged, and the option may only become available in the second week of July.
Mercado Pago has been blamed by the financial sector for the delay, with some accusing them of requesting an extension despite committing to extending payment options to 100% of QR parks across the country by Thursday. Mercado Pago has denied these accusations, stating that they need more time to proceed with caution and avoid technical issues that could affect users.
The financial industry is shocked by Mercado Pago’s request for an extension, as productive tests in six retail chains had been successful, and all players were satisfied with how payments worked. Some are questioning their motives behind this decision, leading to speculation about their true intentions.
In May, the Central Bank intervened in a dispute between banks and Mercado Pago over QR payments, resulting in a technical agreement that would accelerate the integration of credit card payments into interoperable QR systems. This delay is seen as a significant setback in achieving full interoperability, which is crucial for an open banking model in Argentina.
Despite being aware of the delay, the Central Bank has remained silent on the matter. The roadmap for full interoperability set out by the organization remains unfulfilled, and negotiations between banks and fintech companies continue after two years of negotiation. The delay is viewed as an obstacle to realizing an open banking model in Argentina.
The failure of full QR interoperability for credit card payments marks another chapter in this ongoing battle between banks and fintech companies over payment systems in Latin America. As financial institutions continue to grapple with these challenges, it remains uncertain when we will see true interoperability across borders and markets.
However, one thing is clear – technology continues to play a crucial role in shaping our future financial landscape. As such, it will be fascinating to see how these developments unfold over time and how they impact our daily lives as consumers.
For now, though, it seems that progress towards achieving full interoperability may have stalled once again. Only time will tell whether or not Mercado Pago can deliver on its promises and fulfill its commitments or if further delays are inevitable.
Overall, this latest development highlights just how complex payment systems can be when multiple stakeholders are involved. It also underscores why communication and collaboration are essential when working towards common goals like achieving true interoperability across borders and markets.
!role~Preview!mt~photo!fmt~JPEG%20Baseline)
