Mobile payments are thriving in Argentina, leaving behind other traditional payment methods, including credit and debit cards. According to the central bank’s monthly report on retail payments, this type of payment has thrived, accounting for 60% of payment transactions made, while plastic-based means of payment have stagnated, registering a drop in usage.
Mobile Payments Keep Growing in Argentina
According to the report, mobile devices are being leveraged more to make payments due to the rise of banking apps and mobile wallets. In October alone, 162 million of these transactions were made, registering an increase of 7.1% compared to the transactions carried out during September. The number doubles the number of transactions made during October 2021.
Digitization of payments and QR payments
On this, the Central Bank of Argentina stated:
The report also shows a sustained increase in QR payments, recording more than 5 million payments made with this tool in October. This represents an increase compared to the numbers corresponding to September when 3.15 million payments were made using QR, which was considered a record at the time.
Bitso, a Latam-based exchange, was one of the first cryptocurrency exchanges to allow users to make payments directly from their wallets, leveraging this technology in September.
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