The Power Executive approved the modification of the Payment Systems Law to adapt it to recent developments in this market, in a context of expansion of mobile walletsthe interconnection of the various immediate transfer schemes and the decision of the Central Reserve Bank (BCR) to build its own retail payments platform.
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The purpose of the standard is “the development of secure, efficient, affordable and interoperable digital payments, the participation of new service providers, as well as facilitating the creation of new use cases (of digital wallets).”
In a recent conference, Paul Castillo, general manager of the BCR, stated that as the adoption of mobile payments in our country becomes more successful and reaches a larger scale, it is essential that the governing body of the payment system guarantee the continuity of the service. Therefore, the BCR’s decision to build its own platform, based on India’s UPI model, which serves as a contingency and allows the development of use cases for wallets, which the industry is probably not interested in, in the short term. term.
“We think this will continue to grow and become a systemically important service, so it is crucial to ensure its continuity,” Castillo said. To achieve this objective, the standard modifies and incorporates attributions to the BCR.
ATTRIBUTIONS
The new Payment Systems Law indicates that the Central Bank is the body of the National Payment System. Therefore, in addition to rules and regulations, it can dictate principles, mandates and measures that ensure the proper functioning of the system.
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Also, it provides that the BCR can implement and manage other platforms that it considers necessary, such as the one it has planned. In addition, it allows you to regulate licensing processes, revoke licenses of players in the system in the event of non-compliance, and establish guidelines applicable to the fees and commissions charged by participating administrators.
The BCR is also given powers to establish guidelines, liquidity requirements and guarantee funds, carry out inspections of entities in the field of the payment system and issue a statement regarding the prior control of concentration operations.
“In general, the BCR is empowered to carry out all necessary acts to safeguard the security and efficiency of the National Payment System,” the regulation states.
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