Tuesday, November 30

Transfers 3.0: keys to the standardized QR payment system that is launched at the end of the month

What does it mean to be an interoperable system?

Within the Transfers 3.0 initiative, the Standardized Payment Interface was created, which makes it possible to make payments from all accounts, bank accounts and virtual wallets compatible. This means that the same QR code allows you to make transfer payments from any account, be it a bank or a payment service provider. Just with a phone, users can read any QR code with any virtual wallet or bank application.

How does the Transfer 3.0 system benefit users?

Paying with a transfer from the cell phone through a banking application or electronic wallet with a QR code reader is simple and practical, thus avoiding the use of cash. For people, operations are easy, safe, fast and free.

When paying in a trade, is there a commission charged?

No. The person who buys (payer) never pays commission.

Is it necessary to download an application to pay at a store?

It is enough to have a single electronic wallet with a QR code reader installed on the cell phone. The wallet can be from a bank or a payment service provider.

Why is the transfer payment cheaper than other systems?

They have a commission cap of 8 per thousand that businesses pay. In addition, it allows you to eliminate the hidden expenses involved in handling cash; including transportation and storage.

How long does it take for payments to be credited?

The businesses receive the funds immediately and irrevocably.

What are the accounts that have a QR code assigned to them?

All current accounts of financial entities and payment accounts of legal entities at payment service providers are identified with QR codes, in addition to the CBU / CVU number and an Alias. This allows to receive in a simple and fast way payments with transfer.

What are the main advantages for businesses?

Transfer payments are immediately creditable, irrevocable and have less costs. They expand the range of collection options and reduce the use of cash on the premises, resulting in lower expenses and greater security. They also improve the reconciliation of payments.

When will this system be in full force?

As of November 29, all companies that have developed virtual wallets must have fully integrated credentials – thus allowing full interoperability – to participate in the National Payment System.

Do I have to have a bank account and an associated debit card to make wire transfers?

There’s no need. Financial entities can open savings banks by digital means without having an associated debit card, although they must issue it if the user requires it. Payment service providers offer virtual wallets without the need to issue a debit card. The user can have more than one wallet.


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