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Electronic Wallet Funds to be Immobilized at the BCRA

The Board of the BCRA has decided today that financial institutions must keep in reserve 100% of the funds deposited by payment service providers offering payment accounts (proveedores de servicios de pago que ofrecen cuentas de pago, PSPOCPs)—known as electronic wallets. This is to preserve deposits from any contingencies and to ensure that funds are available at all times.

This measure contributes to the transactional nature of payment accounts while favoring the expansion of digital means of payment, and endowing them with enhanced transparency and security.

It does not cover electronic wallet investment accounts, which yield a return on deposited funds. The conditions for these investment accounts remain unchanged.

As already established by the BCRA, the funds of transactional accounts managed by PSPOCPs are to be deposited into sight accounts in pesos at financial institutions in Argentina. As from January 1, 2022, these funds must also be immobilized at the BCRA and available to their account holders.

December 30, 2021.

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