Argentina leads payments with virtual wallets in the region, a trend that is consolidating over time. In meetings, shopping and other daily activities, more and more people are opting for this digital payment method. Although the global report of Wordplay does not mention it explicitly, it is possible to infer that one of the factors behind this trend is the low denomination of our banknotes.
The reality is that the highest bill in circulation is 2,000 pesos, a relatively low value if we consider the daily and weekly expenses that we must face. In addition, virtual wallets offer daily interest on the money deposited in them, which also encourages their use.
Despite the rise of virtual wallets, cash continues to predominate as the main means of payment in Argentina. In fact, it represents 27% of the total operations carried out in our country. However, when we talk about electronic commerce and digital transactions this number increases considerably: a third is paid through digital wallets.
The report also points out an encouraging projection for this modality: it is expected that by 2027 almost half (44%) of all transactions carried out in Argentina will be through payment with virtual wallets.
But not everything is digital: Argentina continues to be a country where payment with credit cards predominates as the main method to cover monthly expenses and even unforeseen expenses. Many prefer to leave their money working in a fund and pay with a card and then pay everything together at the end of the month.
In summary, not only is Argentina the country that uses payment with virtual wallets the most in the region, but the trend also continues to grow. Virtual wallets are here to stay and are becoming a practical and secure solution for many. Although there are also those who see them as a problem: there are no longer excuses for not having money available.
A listener asks us an interesting question: why don’t credit cards lower their interest rates if the Central Bank has already done so? The reality is that some financial institutions have already reduced their rates, although there can still be cases where this has not happened. It is important to be aware of these changes and adjustments in order to make the most of our financing options.
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