In Argentina, mobile payments are flourishing, outpacing other conventional payment options like credit and debit cards.
This type of payment has flourished, accounting for 60% of all transactions, according to the central bank’s monthly report on retail payments, whereas plastic-based payment media have stagnated and have seen a decline in use.
Mobile payments are growing in Argentina, replacing traditional payment methods, according to the Central Bank of Argentina’s most recent monthly report on retail payments.
The growth of banking apps and mobile wallets, according to the survey, has increased the use of mobile devices for financial transactions.
Just in October, there were 162 million of these transactions, which represents an increase of 7.1% over September’s transactions.
Debit card payments, in contrast, have remained stable, with 66.45 million transactions completed in September 2022, a 9.35% decrease from the number of transactions completed in July.
The research also documents a steady increase of QR payments, with more than 5 million transactions recorded in October.
When compared to the figures for September, when 3.15 million QR-enabled payments were made, which was a record at the time, this shows an increase.