Posnet, a First Data company, has introduced a new QR Code payment solution in Argentina.
The new capability will enable the local shoppers to pay for their purchases at participating merchant stores. The customers can authorise the payments by scanning the QR code displayed at the payment terminal.
Featuring an open architecture, the Posnet solution is compatible with all digital wallets in Argentina.
Initially, the solution will be available with LINK-supported digital wallets and will be gradually extended to other digital wallets.
For such card-less payments, the QR code payment information will be routed from the digital wallet to the financial institution through Coelsa to complete the transaction.
Coelsa (Electronic Chamber of Compensation and Payrolls of The Argentine Republic) is the domestic payment clearing house in Argentina that secures such online transactions.
The introduction of the QR Code payment solution is expected to provide the customers with another payment alternative to pay for their purchases.
Alongside, it enables the businesses to streamline transactions at payment terminals and support digital payments for the unbanked.
First Data is a subsidiary of Fiserv, a US-based firm that delivers payments and financial technology. Fiserv has delivered its solutions across more than 20 countries in Latin America and the Caribbean including Argentina, Brazil, Mexico and Uruguay, among others.
This week, Fiserv introduced an intelligent bill payment tool CheckFree Next.
It offers personalised suggestions and improved connectivity to enhance bill payment experience.