Mercado Pago is no longer the virtual wallet that pays the most for having money in the account

However, Not all virtual wallets offer the same benefits. A survey by the consulting firm Trascendo, specialized in personal finance, revealed how the drop in interest rates impacted and what the differences are between the returns paid today by the main fintech platforms operating in Argentina.

What is the virtual wallet that pays the most?

Transcendo information indicates that there is no clear winner among virtual wallets. However, among those that pay the most is Naranja, with a rate of 40% annually. But this performance is only paid up to a limit of $400,000.

In the next position is the Personal Pay appwith a variable rate, which is adjusted according to the amount of money spent the previous month, in three levels: 37%, 42% and 44%.

Then there are Banco Supervielle digital wallets (35.62%) and n1u (37.09%).

Finally Mercado Pago has a rate of 32.28%according to Trascendo.

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Virtual wallets: how rates are calculated

Trascendo detailed that for its analysis it does not use the Annual Effective Rate (TEA), which is what is actually earned at the end of the year, but rather the total return on investment according to the latest daily performance of each app. This is because each app has a different criterion for defining and publishing the Annual Nominal Rate (TNA) on its pages. Thus, the real effect that having money in one application or another has each day is compared.

Furthermore, Trascendo highlights that none of the virtual wallets manage to overcome inflation. However, interest-bearing accounts are still a better option than savings accounts, which do not generate any returns, but they are not enough to preserve the value of money.

To take advantage of the performance currently offered by the Naranja X digital wallet, these steps must be followed:

• Download the Naranja X app for free on your cell phone, from Google Play or the App Store.
• Create a username and password.
• Validate identity with photos of the DNI and a selfie photo.
• Fund the account and press the “Activate” button to start the rate offered by the wallet.