Argentina is at the forefront of the digital payments revolution, with a recent study from global payments company Fiserv revealing that QR codes and digital wallets are growing in popularity as payment options in the country. While credit card use appears to have stagnated, cash payments have decreased significantly, with only 14% of those polled preferring cash over other payment methods. In contrast, QR and digital wallet payments now account for 34% of all preferences, reaching the same level as debit card use.
The study highlights a significant shift in the payment habits of Argentines, with digital payments becoming more popular than traditional options. Furthermore, the report indicates that digital payment methods have increased in preference by 11% over the past year, while cash and debit cards have seen their user base shrink.
Jorge Larravide, a specialist in means of payment, attributes the rise of digital payments to their convenience, coupled with the discounts offered for using them. Such discounts have proved popular amongst merchants, while the state benefits from a complete and detailed log of all digital transactions for tax purposes.
For Argentine consumers, QR code payments have become a straightforward and convenient option, with approximately one in four transactions in the Argentine system now being settled using this method. As Bitcoin.com reports, in September last year, a record number of 3.15 million QR payments were made, the highest number since the option was introduced in November 2021.
The rise of digital payments in Argentina marks a significant milestone in the country’s economic development, providing greater convenience and ease of use, especially for those with limited access to traditional financial services. Digital payments are also a more cost-effective option for merchants, while offering the added benefits of transparency and security.
While traditional payment methods, such as credit and debit cards, remain viable options, the trend towards digital payments is only set to continue as more people adopt these convenience-driven alternatives. Argentina’s success in this area could serve as an example to other countries looking to transition their economy towards a more cashless model.
In conclusion, the rise of QR codes and digital wallets in Argentina is a positive development, positioning the country as a leader in digital payments adoption. Consumers and merchants alike are benefiting from greater convenience and ease of use, while the state is able to keep detailed records of all transactions for tax purposes.
Ultimately, digital payments have the potential to revolutionize the global economy, bringing greater efficiency and transparency to transactions. As more countries follow in Argentina’s footsteps, we can expect to see a widespread shift towards digital payments in the coming years.
