Dollar Payments: How the Modality That Will Come Into Effect on Friday Will Work

Starting this Friday, Argentinians will be able to make payments in dollars at a variety of businesses using debit cards and virtual wallets, even in installments.

This measure, promoted by the Central Bank of the Argentine Republic (BCRA), aims to encourage currency competition in the local economy, allowing both pesos and dollars to be used interchangeably in the market.

How will dollar payments work?

With the implementation of this new regulation, businesses that wish to do so will be able to accept payments in dollars via debit cards and virtual wallets. This will allow consumers with bank accounts in dollars to pay directly in that currency, without the need for conversion to pesos or additional tax costs.

According to BCRA's regulation A-8180, dollar payments with debit cards will be available for businesses that choose to accept them, but they will not be mandatory. This will create a scenario of currency competition, providing consumers with the option to choose in which currency to pay. Additionally, payment processors have had to adapt their systems to allow these transactions to occur smoothly.

What can be purchased with dollars?

Initially, the acceptance of dollars will occur in sectors where their informal use was already common. Among them:

• Tourism: Dollar payments will be formally enabled for national and international services, including travel agencies and tickets.
• Real estate: The purchase and rental of properties in dollars can be formalized through the new payment systems.
• Appliances and durable goods: Some stores are evaluating implementation, but high-value goods are expected to start offering this option.
• Retail: Supermarkets and retail stores are in the process of adaptation, although widespread use is not expected in the short term.

As the new modality progresses, other sectors may join the trend, although implementation will be gradual.

Installment payment options

One of the most important innovations is the possibility of paying in fixed installments with dollars through the scheduled DEBIN modality. This system will allow the total purchase amount to be divided into monthly payments without the buyer having to pay the total at the time of the transaction.

To access this option, consumers must have a dollar account and make their purchases at businesses that accept this type of payment. The installments will be fixed and non-modifiable, providing predictability to buyers. Additionally, security measures will be implemented to prevent fraud in high-risk transactions.

Incorporation of payments via QR

Starting April 1st, consumers will be able to pay in dollars using interoperable QR codes. This tool will allow for quick and secure payments through virtual wallets, expanding payment options for customers and merchants.

The BCRA established that this system must be available before the mentioned date, which will require businesses to adapt their technological platforms. The interoperability of payment systems aims to generate greater integration in the financial ecosystem and facilitate transactions for users.

Impact and challenges

The enabling of dollar payments represents a significant step in the flexibilization of the Argentine financial system. However, its adoption will depend on the willingness of businesses and acceptance by consumers.

As the regulation is implemented, it will be crucial to evaluate its impact on the economy and on price and consumption dynamics.