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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 stagnated, the use of cash for payments has declined, with only 14% of respondents choosing to use it over other options in the country.
Argentines are slowly moving to digital payments, including QR code and digital wallet transfers, as part of their daily arsenal to settle payments, according to a recent study by Fiserv, a global payments company. The study found that the payment preferences of Argentines have changed, abandoning older 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 preference percentage 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 their own space, with one in four transactions being settled using this type of payment in the transactionally interconnected Argentine system.
The results of the report show that the payment trends of Argentines have changed significantly. The study reports the growth of digital alternatives, with preference increasing by 11% from last year, and the decline in preference for popular alternatives such as cash and debit cards.
Jorge Larravide, a specialist in means of payment, commented on the development of means of payment in the country. He explained:
In Argentina, we are well on our way to digitizing transactions, with a very wide range of options: the QR, which the central bank calls “payment by transfers”, grew a lot.
For Larravide, digital payments are increasing due to a number of key benefits they provide, including convenience of payment and discounts offered for using them, which are popular with merchants. Larravide also notes that the use of this type of payment benefits the government, which has a log of all transactions realized, useful for tax purposes.
Last September, the number of QR payments reached a record high, with 3.15 million payments using this method during that month, the highest number since the option was implemented in November 2021.
What do you think about the rise of QR and digital wallets as payment methods in Argentina? Tell us in the comments section below.
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