How to Choose Fintech and Payments Software in Argentina
Start by defining what you need (issuing cards, offering a wallet, operating in several currencies, or serving the needs of a large company), and then verify the software's regulatory compliance. The BCRA rules on payment service providers and the personal data protection law define what a payment provider can offer and what you need to watch for if the software uses servers abroad. [1][2]
What to look at
1.Let you issue, manage, or use payment cards
If the financial product includes cards, the software must cover that part of the operation, whether it's issuing, managing, or using them. Confirm separately which types of cards and which stages of the lifecycle each solution supports.
Let you issue, manage, or use payment cards: verified in 3 of 5 products: Takenos, INS RED and Pomelo.
2.Offer or work as a digital wallet
A wallet is used to store and move money. With Transferencias 3.0, you can pay a QR code with any wallet, and payments come from bank accounts with a CBU or from payment service provider accounts with a CVU. The listing only shows that the product mentions a wallet: integration with Transferencias 3.0 (QR and CVU) must be confirmed separately for each product. [3][4]
Offer or work as a digital wallet: verified in 2 of 5 products: Takenos and INS RED.
3.Handle payments or balances in several currencies
This matters if the business collects or pays in more than one currency. According to the BCRA, the payment accounts of payment service providers are denominated in pesos, so handling of other currencies must be confirmed separately with each provider. [1]
Handle payments or balances in several currencies: verified in 2 of 5 products: Takenos and Remitee.
4.Designed for large companies
These are products aimed at large companies or regulated financial institutions, not individuals. They are a good fit if the business has large-scale operations or needs custom integrations. Confirm separately with the provider that the product fits each business's size and requirements.
Designed for large companies: verified in 4 of 5 products: Remitee, INS RED, Pomelo and Blockenfy.
Worth knowing
BCRA framework for payment service providers
The accounts offered by payment service providers are called payment accounts: they are freely available peso accounts that allow you to order and receive payments. These providers are limited to offering payment services. [1]
Personal data and servers abroad
The AAIP is the authority responsible for assessing whether other countries offer adequate levels of protection. Article 12 of Law 25,326 prohibits, as a general rule, transferring personal data to countries or organizations that lack adequate levels of protection, which matters if the software uses servers or cloud infrastructure outside the country. A transfer is allowed if an exception in Article 12 applies or if the data subjects have given express consent. The model contractual clauses are set out in Disposición DNPDP 60/2016 (AAIP Resolution 34/2019), and AAIP authorization is required when the contract differs from those models. [2][5]
QR payments and instant transfers
The BCRA describes Transferencias 3.0 as a system in which you can pay by scanning any QR code with any electronic wallet or banking app. Payments are made from bank accounts with a CBU and from payment service provider accounts with a CVU, and immediacy is guaranteed 24 hours a day, 7 days a week. When evaluating payment collection software, confirm that it integrates with this scheme. [3][4]
Sources
- [1]BCRA: PROVEEDORES DE SERVICIOS DE PAGO -Última comunicación incorporada: “A” 8488-
- [2]Argentina.gob.ar: Transferencias internacionales
- [3]BCRA: 3.0 Transfers: the implementation of the interoperable QR code payment system is complete
- [4]BCRA: Transferencias inmediatas 3.0
- [5]AAIP: Obligaciones de los responsables de bases de datos personales
An AI model wrote this guide from the sources cited. Before it was published, another model checked every claim against the quotes from those sources and that the products listed do what each criterion says. The products that meet each criterion come from data verified on each one's own site. No product pays to appear.