In anticipation of the parliamentary debate on Labor Reform set for December, banks in Argentina have expressed their opposition to a specific article that permits salaries to be deposited in virtual wallets. This opposition was conveyed in a joint letter to Patricia Bullrich, highlighting concerns about possible risks for financial institutions, employees, and the broader economy. The banks argue that allowing salary payments through virtual wallets could pose a threat to traditional banking practices, potentially compromising financial stability.

In a counter-response, the Fintech Chamber, which represents virtual wallet companies including Mercado Pago, released a comprehensive report defending the practice of salary payments through these digital platforms. They emphasize that payment accounts are adequately regulated and integrated within the formal financial system. The report argues that excluding virtual wallets from payment options lacks technical justification and creates regulatory distortions that could harm workers, stifle competition, and hinder innovation within the payment ecosystem in Argentina.

The ongoing debate revolves around the implications of the Labor Reform, especially regarding technological integration in payment systems, which is a crucial issue for the evolving financial landscape in Argentina. As the discussions unfold, the resolution of this conflict between traditional banks and burgeoning fintech sectors will have significant ramifications for workers' rights, economic competition, and the future direction of payment technologies in the country.