According to argentinean media, PayPal will be launched next 28th March, in alliance with COMAFI Bank. PayPal is one of the largest companies in the electronic trade sector, whose system allows users to make payments and transfers on internet without sharing the financial information with the recipient, with the only requirement of having an electronic Email.
Local operations will be linked to Comafi Bank, which will be a kind of financial agent and support for PayPal in Argentina, which already obtained endorsement from the Central Bank of Argentina (BCRA) to start its local activities. Sources say that a European investment fund will also be the third partner, especially to finance lines of credit aimed at small and medium-sized enterprises (PYMEs)
PayPayl's landing in the country had been advanced in January 2017 by the President of the Central Bank of Argentina, Federico Sturzenegger, during his participation in the World Economic Forum in Davos. According to his declarations at that time, the arrival of this company seeks to facilitate the payment of invoices and fees of PYMES or particulars that sell services abroad. After holding a meeting with top representatives of PayPal, Sturzenegger explained that the goal for a local PYMES is to "sell and get paid via PayPal."
In this regard, company spokespersons confirmed to Argentinean newspaper El Cronista the arrival for this month of their service and stated that the company "remains committed to providing its customers in Argentina with better and reliable methods to pay online." Through a statement via email, they admitted that the country is a market of great importance for PayPal. "We continue to actively seek ways to improve our services and offer therein," they added in the document. Meanwhile, Comafi Bank spokespersons also admitted their partnership with PayPal, but avoided expanding the details of the agreement with the US Company.
The Government welcomes the arrival of this online system, understanding that it could help lower costs in services abroad and remittance services especially between Argentina, Bolivia and Paraguay. Also because the massification of electronic means of payment is a modality encourage by President of Central Bank. In fact, based on the official's initiative, the entity already promotes three electronic payment systems such as mobilePOS; the payment button and the electronic wallet. In addition, it tries to charge to the banks the hoarding of cash, precisely to encourage means of payment via Internet.
Date: March 17, 2017