A recent study by one of the largest global payments companies, Fiserv, shows that QR codes and digital wallets continue gaining ground in Argentina. As per the study, the use of cash payments in Argentina has significantly decreased, with just 14 per cent of the polled choosing to use it over other options.
Argentina is slowly moving to digital payments.
According to a recent study by Fiserv, a famous global payment company, Argentina is slowly moving to digital payments over cash, including QR codes and wallets, as part of their everyday arsenal to settle payments. The study also indicated that the payment preferences of Argentines have shifted, abandoning legacy options for digital payment methods.
As per the study, around 34 per cent of Argentines prefer to use digital wallets and QR for their payment, reaching the same preference percentage as they have for debit cards. The preference for credit cards has stagnated, while cash payments have significantly decreased, with just 14 per cent of Argentines preferring cash to settle their daily payment over other payment options.
The study also suggested that the use of QR payments has grown in their own area, with 1 out of every 4 transactions being carried out using this payment option in the transactional interconnected Argentine system.
The use of digital payments is becoming a trend.
As you know, a recent study made by Finserv shows that QR codes and digital wallets continue gaining ground in Argentina. The study reports also indicate the growth of digital options, preference for which has increased by more than 10 per cent from last year, and a decrease in the preference for popular choices like cash and debit cards. The study results also point out the payment trends of Argentines have changed a lot.
Jorge Larravide, a specialist in means of payment, recently commented on the evolution of payments in the country. He explained that in Argentina, they are well on their way to digitising transactions with a wide variety of alternatives, such as the QR, which has grown a lot.
For Larravide, digital payments are on the trend due to critical advantages, including convenience when paying and discounts the payment company offers for using them, which merchants love.
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