Study Shows QR and Digital Payments Continue Gaining Ground in Argentina

Study Shows QR and Digital Payments Continue Gaining Ground in Argentina

A recent study made 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 decreased, with only 14% of the polled choosing to use it over other options in the country. Argentina Goes Digital in Payments Arena

Argentines are slowly turning to digital payments, including QR code and digital wallet transfers, as part of their everyday arsenal to settle payments, according to a recent study made by Fiserv, a global payments company. The study found that the payment preferences of Argentines have shifted, abandoning legacy 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 that debit cards have. The preference for credit cards has stagnated, while cash payments have decreased, with only 14% of Argentines preferring cash over other payment methods.

QR payments have also grown in their own area, with one of every four transactions being settled using this kind of payment in the transactional interconnected Argentine system. A Rising Trend

The results of the report show that the payment trends of Argentines have changed significantly. The study reports on the growth of digital options, preference for which increased by 11% from last year, and the decrease in the preference for popular options like cash and debit cards.

Jorge Larravide, a specialist in means of payment, commented about the evolution of payments in the country. He explained: In Argentina we are well on our way to digitizing transactions, with a very wide range of alternatives: the QR, which the Central Bank calls ‘payment with transfers’, grew a lot.

For Larravide, digital payments are on the rise due to a series of key advantages these bring, including convenience at the time of paying and discounts offered for using them, which are popular amongst merchants. Also, Larravide remarks that the utilization of this kind of payment benefits the state, which has a log of all transactions realized, useful for tax purposes.

In September last year, the number of QR payments reached a record number, with 3.15 million payments using this method made during that month, the highest number since the option was implemented in November 2021. Tags in this story Argentina, digital payments, digitalization, Fiserv, Jorge Larravide, qr payments, Tax

What do you think about the rise of QR and digital wallets as payment options in Argentina? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. China’s Wechat Adds Support for Digital Yuan Payments FINTECH | 6 days ago Nigeria Fintech Flutterwave Denies Client Account Hacking Reports FINTECH | Mar 6, 2023

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England Next articleMetacade’s Community-Driven GameFi Platform Raises Over $10M in Presale Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing