Just in October, 162 million of these transactions were made in Argentina, registering an increase of 7.1% when compared to the payments made during September per central bank reports.
Mobile payments are thriving in Argentina, leaving behind other traditional payment methods, including credit and debit cards. According to the central bank’s monthly report on retail payments, this kind of payment has thrived, representing 60% of the payments operations made, while plastic-based payment media has stagnated, registering a fall in use.Electronic contactless payments have been thriving in several countries of Latam, given the penetration of mobile cell phones in the area.
According to the report, mobile devices are being more greatly leveraged to make payments due to the rise of banking apps and mobile wallets. Just in October, 162 million of these transactions were made, registering an increase of 7.1% when compared to the transactions made during September. The number doubles the number of transactions made during October 2021.
In fact, payments made using these apps represent 60% of the whole number of payments made, a rise from the 51% of December 2021. In comparison, payments made with debit cards have stagnated, with 66.45 million transactions made in September 2022, falling 9.35% compared to the number of transactions made in July.The digitization of the payments arena in Argentina has been steadily progressing since the launch of Transferencias 3.
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