Starting Today, Businesses Can Accept Payments in Dollars With a Debit Card.

Starting this Friday, February 28, businesses across the country will be able to opt to charge in U.S. dollars through debit cards, a measure set by the Central Bank that expands payment options in Argentina.

According to the regulation, acquiring companies operating in payment processing must enable the option to charge in dollars, leaving the decision to adopt it or not in the hands of the businesses.

This flexibility seeks to respond to an existing demand in certain sectors of the economy, where the use of dollars was already common, but informally.

How payments in dollars will work

The measure is detailed in Central Bank regulation A-8180, which establishes that:

• Payments in dollars will be optional for businesses, not an obligation.
• Debit cards associated with dollar bank accounts can be used.
• Payment processors had to adapt their systems to allow this type of transaction.
• Customers will be able to choose in which currency to pay at the time of purchase.

Sectors where it will be implemented first

While any business can adopt the modality, it is expected that the acceptance of payments in dollars will begin in sectors where this currency was already frequently used:

• Tourism: Travel companies, airlines, and hotels will be able to officially accept dollars without the need for conversions.
• Real estate: The sector will be able to process payments in dollars directly, regularizing a common practice.
• Appliances and durable goods: This option is expected to be adopted for the sale of high-value products.
• Retail and supermarkets: Some businesses are evaluating the implementation, although the sector doesn't believe it will be a widely used modality in mass consumption purchases.

How the payment process will be

The procedure will be similar to any purchase with a debit card in pesos, but with the option to select the currency before confirming the transaction.

From the company Payway, they explained that in the enabled POS, an option will be displayed to choose between pesos or dollars, allowing customers to pay with their contactless card, cell phone, or watch with NFC technology. The option to insert the card for chip or magnetic stripe reading will also be available.

Reactions from the financial sector

From payment companies, they highlighted that this measure marks a step toward a more flexible and competitive system.

Emiliano Porciani, Chief Business Officer of Payway, described the launch of bimonetarism in payment methods as "a milestone in the financial ecosystem", as it allows the integration of banks, acquirers, processors, and businesses into a more interoperable network.

Meanwhile, Federico Cofman, Country Manager of Mastercard for Argentina, Uruguay, and Paraguay, celebrated the initiative and highlighted to Infobae that "Mastercard Debit users in Argentina will now be able to pay for their purchases in dollars, as long as they have a savings account in that currency".

Additionally, Cofman emphasized that this solution "improves the user experience at the time of payment and promotes a more open and competitive system".

A step toward currency competition

The enablement of payments in dollars with debit cards is a step forward in currency competition within Argentina, allowing citizens to choose how to manage their money according to their convenience.

While its implementation still depends on adoption by businesses, this new option could mark a change in the way transactions are conducted in the country, in a context of high inflation and preference for the dollar as a store of value.