The risks associated with the use of plastic cards are -increasingly- subject of debate, and the current context shows that it is necessary to evolve the collection payment dynamics towards a digital, open and interoperable system, safer for users and businesses.
Not long ago it was presented nationally. a bill that requires charging in front of customers who decide to pay by card, preventing them from losing control of their data and being vulnerable to fraud situations. The proposal also implies that merchants have the necessary system for this type of operation and that they are fined in the case of not complying with it. While this piece of legislation seeks to address a real problem, it only addresses one part of the problem and is insufficient: it does not protect locals from receiving fraudulent payments.
So, what is the real solution to the risks associated with the use of cards? The key is in the payments with the cell phone.
When users pay with a virtual wallet, they have previously validated their identity with biometric technology. There are even applications that also verify the ownership of loaded cards, making them even more secure. At the same time, risk engines that analyze operations in real time have more data at the time of the transaction to identify suspicious cases and determine in real time whether to proceed or not.
But despite each of these benefits, Today the use of virtual wallets in Argentina is limited by the lack of interoperability. Yes ok Transfers 3.0 They pave the way for all QR to comply with this standard, until now it has only reached account-to-account operations, leaving aside payments with credit, debit or prepaid cards that many people need to use to access credit, accumulate points, take advantage of promotions, secure purchases or other reasons.
Many users who, concerned about the security of their operations, prefer to avoid paying with plastic, cannot really choose how to handle their money on a day-to-day basis and with which financial products to do so. In case of wanting to pay with cards, they have to submit -without option- to a vulnerable situation of data theft. In addition, merchants are also exposed to receiving fraudulent payments and unable to offer safer options to their customers.
It is clear that the form of Authentically reducing the risks of this scenario and offering more efficient, simple and secure payment products is working together with the entire collection payment ecosystem so that in Argentina there is a truly interoperable system.
*The column was written by Rafael Soto, CEO of Modo