Argentinian Consumers Can Quickly and Conveniently Make Purchases from Smartphones with New QR Code Payment Solution from Posnet
A new way of making purchases using digital wallets and QR codes is now available in Argentina. Designed to simplify the shopping experience and complement consumer’s increasingly digital lifestyles, the new capability from Posnet, a First Data company that is now part of Fiserv, allows customers to pay merchants from their mobile phone without requiring a physical card. The new capability is interoperable, has open architecture, and will be compatible with any digital wallet in the market. Initially, it will be available for digital wallets supported by LINK and will then extend to other digital wallets. This will allow customers to pay using the wallet of their choice rather than downloading an additional app.
The process for the customer is simple: when it is time to pay for a purchase, a QR code containing the details of the transaction, including the amount, will appear on the payment terminal. The QR code is dynamic, unique for each transaction. The customer will open the digital wallet on their mobile phone, scan the code, and authorize the transaction.
Posnet terminals will be enabled to display QR codes, allowing merchants to accept digital wallets and offer additional means of payments to their clients. The customers will need to activate the QR code reader on their digital wallet in order to scan the codes. LINK as well as other digital wallets will serve as connectors, routing the QR code payment information from the digital wallet to the financial institution through Coelsa to complete the payment.
Coelsa (Electronic Chamber of Compensation and Payrolls of The Argentine Republic) checks the transaction to help ensure security.
This new service benefits consumers and businesses. Consumers will be able to make transfers immediately and securely. Businesses can accept a new, seamless payment method to meet consumer demand and facilitate digital payments for unbanked customers.
Fiserv serves thousands of financial institutions and millions of businesses in more than 100 countries. Across Latin America and the Caribbean, Fiserv solutions enable clients in more than 20 countries, including Argentina, Brazil, Colombia, Mexico, Panama, Peru and Uruguay, to achieve best-in-class results. Fiserv provides a range of solutions to clients through its more than 2000 associates and offices in eight countries in the region.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
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