A recent survey conducted by global payments company Fiserv shows that QR and digital wallets are growing significantly as payment options in Argentina. While credit card use has stagnated, cash payments have declined, with only 14% of people in the country choosing cash payments over other options.
Argentina Goes Digital in the Payments Sector
A recent survey conducted by Fiserv, a global payments company, reveals that Argentines are gradually turning to digital payments, including QR codes and digital wallet money transfers, as their everyday payment weapon. The survey shows that Argentines are changing their payment preferences, abandoning legacy options in favor of digital payment methods.
The survey shows that 34% of Argentines prefer to use QR or digital wallets, the same percentage as debit cards. Credit card usage is stagnant, while cash payments are declining, with only 14% of Argentines preferring cash over other payment methods.
QR payments are also growing in their own right, with one in four payments of this type being made in the transaction interconnected Argentine system.
A rising trend
As a result, Argentines’ payment trends are changing dramatically. They report an increase in digital options, with an 11% increase in their preference over the last year, and a decrease in preference for common options such as cash and debit cards.
Jorge Larravide, an expert on payment instruments, commented on the evolution of payments in the country. Heexplained:
Argentina is well on its way to digitizing transactions and has a very wide range of options. QR, which the central bank calls “payment by remittance,” has grown significantly.
For Larravide, digital payments are on the rise because of a series of key advantages, including convenience when paying and popular discounts from merchants. Larravide also points out that the use of this type of payment also benefits the state, as it keeps a log of all transactions, which helps in tax preparation.
Last September, a record number of QR payments were made, with 3.15 million payments made using this method during the same month, the most since the option was implemented in November 2021.
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