Mobile payments are booming in Argentina and other Traditional payments have been left behind Payment methods, including credit and debit cards. According to the central bank’s monthly report on retail payments, this type of payment is thriving, accounting for he 60% of payments operations made, but plastic-based payment media has stagnated. We are recording a decline in usage.
Mobile payments continue to grow in Argentina
Electronic contactless payments are booming in several Latin American countries due to the proliferation of mobile phones in the region. increase. According to the latest monthlyreporton retail payments published by the Central Bank of Argentina, mobile payments are booming in the country, leaving traditional payment media behind.
According to the report, mobile devices are increasingly used for payments due to the rise of banking apps and mobile wallets. Just in October, he recorded 162 million of these transactions, an increase of 7.1% compared to the transactions made in September. This number doubles his number of transactions made in October 2021.
In fact, payments made using these apps accounted for 60% of all payments made, up from 51% in December 2021. Debit card payments have stalled, with 66.45 million transactions made in September 2022, a 9.35% decrease compared to the number of transactions made in July.
Payment Digitization and QR Payments
Since the launch of Transferencias 3.0, an open payments program that implements interoperable QR payments, the digitization of Argentina’s payments sector has progressed steadily. and commercial banks provide payment services.
In this regard, the Argentine Central Bank stated:
Indeed, its aim is to facilitate the formation of an open and universal digital payments ecosystem. , was to achieve greater inclusion. It is one of the sectors that have not yet used financial services, one of the management axes of financial institutions.
The report also shows a sustained increase in QR payments, with over 5 million payments made using the tool in October. I was. This is an increase when compared to the corresponding figure in September, when a record 3.15 million QR payments were made.
Latin America-based exchange Bitso, the first cryptocurrency exchange to utilize the technology in September to allow users to make payments directly from their wallets. It’s one.
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