A recent study conducted by the FiservGlobal payments company shows an increasing prevalence of QR and digital wallet payments in Argentina. While credit card preferences have stagnated, cash usage for payments has declined. Only 14% of respondents prefer cash to other options.
Digital Payments Rising in Argentina
Results from a recent survey conducted by FiservGlobal payments company indicate that Argentines are gradually turning to digital payments such as QR codes and digital wallet transfers to settle their payments. The survey revealed that preferences for payment have shifted away from traditional options in favor of digital ones.
According to the survey, 34% of respondents were satisfied with the results. Argentines prefer using digital wallets or QR codes for their payments, with the same percentage of preference as debit cards. While credit card preference has stagnated and cash payments have decreased, only 14% of those surveyed said they were using cash less often.
QR payments are also becoming more popular in the region, with one in four transactions settled using this type of payment in the connected transactional system. Argentine.
A Growing Trend
Results of the report show that payment trends in Argentina have changed significantly. The survey reports on the growth of digital payments, with preference increasing by 11% over last year and decreasing preference for cash.
Jorge Larravide, a specialist in payment methods, commented on the development of payments in the country. He explained:
In Argentina, we are heading in the right direction to digitize transactions with a wide array of options: the Central Bank’s QR code payments have grown a lot.
According to Larravide, digital payments are becoming increasingly popular due to a number of key advantages, such as ease of payment and discounts, which merchants love. Additionally, Larravide points out that this type of payment benefits the state as it keeps a log of all transactions, which can be useful for tax purposes.
In September of last year, QR payments hit a record high with 3.15 million payments made using this method in the last month. This is the highest number of payments since the option was introduced in November 2021.
What do you think about the rise of QR-code and digital wallets as payment options in Argentina? Let us know in the comment section below.
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