2024-07-25 14:18:45
Technological innovation, coupled with other factors such as the Covid-19 pandemic, has driven changes in the way payments are made globally. Back in 2021, cash was used for only 73% of retail transactions, according to data provided by the Bank for International Settlements (BIS). This is consistent with research conducted by the Central Bank of the Republic of Argentina, in which the use of credit and debit cards accounted for 45% of similar transactions in 2020.
Like other governments, the Argentine government has promoted the use of online payments through various policies in recent years, with the aim of reducing the underground economy and updating the financial system. Measures to demonstrate this include: DNI account Or Transfer 3.0, which promotes people to use payment apps or enjoy VAT relief on debit card purchases.
In addition, these policies come with certain provisions for payment service providers designed to ensure the security and transparency of these platforms. The result is an exponential growth in the use of online payment methods, especially digital wallets. The Argentinian FinTech Chamber reports that the use of these tools has increased by 50% by 2023, with a total of more than 30 million users.
78% of Argentines shop online in 2023”
Judging from the market areas that reflect the most obvious changes, the most important and obvious one is e-commerce. According to data provided by the agency Argentine Chamber of Commerce for E-commerceIn 2023, 78% of Argentines shopped online through platforms such as Mercado Libre. It is also common to use online payment methods to pay for basic services such as utilities. Currently, large dealers on the market, such as Edenor or Edesur, allow online payments, while smaller companies are gradually adapting to the implementation of online payments. In addition to this, the tourism sector is increasingly using online payment methods and education through platforms such as Udemy.
Digital wallets, as well as credit and debit cards, are the main online payment methods in Argentina
Among the most commonly used online payment methods in the country, digital wallets stand out, especially Mercado Pago, which has a usage rate of 45% and a total of 20 million users in Argentina. Next is traditional credit cards, which account for 25% of online payment methods and have 11 million users.
The third place is debit card, in this case the ratio is 15%. In addition, sources revealed that the use of bank transfers is also outstanding, and the number of users will reach 4.4 million by 2024.
This online payment platform is one of the latest additions that allows for international transactions with currency exchange and payment flexibility. However, Astropay has had a greater impact in certain market sectors, such as online gaming. The latter can reportedly be seen in the increase in the number of casinos using Astropay as a payment option on your list. In addition to the gaming market, the platform is also growing in popularity for international remittances, payments for online services, and software and app subscriptions.
As a result, the Argentinian market plays an increasing role in online payments and offers an increasingly broad and diverse range of services to meet demand. How the situation develops remains to be seen in subsequent reports from relevant organizations, but Argentina seems to be working hard to reach the status quo of other countries on this issue.
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