A recent study by Fiserv, a global payments company, shows that QR and digital wallets have grown significantly as payment options in Argentina. While credit card preference has plateaued, the use of cash for payments has declined, with only 14% of respondents choosing to use it over other options in the country.
Argentina digitizes itself in the payment arena
Argentines are slowly turning to digital payments, including QR codes and digital wallet transfers, as part of their daily arsenal for settling payments, according to a recent study by Fiserv, a global payments company. The study found that the payment preferences of Argentines have changed, abandoning legacy options for digital payment methods.
According to the study, 34% of Argentines prefer to use QR and digital wallets for their payments, reaching the same percentage of preference as debit cards. Preference for credit cards has stagnated, while cash payments have declined, with only 14% of Argentines preferring cash to other payment methods.
QR payments have also grown in scope, since one in four transactions is settled with this type of payment in the Argentine interconnected transactional system.
an upward trend
The results of the report show that the payment trends of Argentines have changed significantly. The study reports growth in digital options, with preference increasing 11% over last year, and declining preference for popular options like cash and debit cards.
Jorge Larravide, a specialist in means of payment, commented on the evolution of payments in the country. He explained:
In Argentina we are on the right track towards the digitalization of transactions, with a very wide range of alternatives: the QR, which the Central Bank calls ‘payment with transfers’, grew a lot.
For Larravide, digital payments are on the rise due to a number of key benefits they provide, including convenience when paying and the discounts they offer for their use, which are popular with merchants. Likewise, Larravide points out that the use of this type of payment benefits the State, which has a record of all transactions carried out, useful for tax purposes.
In September of last year, the number of QR payments reached a record high, with 3.15 million QR payments made during that month, the highest number since the option was implemented in November 2021.
What do you think of the rise of QR and digital wallets as payment options in Argentina? Tell us in the comment section below.
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