The prevalence of electronic contactless payments, mirroring mobile cell phones in the region, remains a much-discussed topic in the various countries of LATAM where it has been found, according to a report released by the Central Bank of Argentina and the latest retail payment details Mobile payments are flourishing and becoming more popular in the country, leaving legacy payment media behind, and mobile payments are definitely gaining ground in Argentina. We can say that the rise of mobile payments in Argentina has definitely enhanced the user experience and they are clearly seeing it as a faster transaction process. Here we can know that according to the report mobile device is being used more for two mechanism operation due to growth of banking apps and mobile wallets and of course in October alone 162 million transactions were done in October data and The number of these transactions definitely registered a growth of 7.1 per cent during September. This data is double of the transaction data done during October 2021 and we can understand how much mobile transaction has increased and how much more it is being presented or appreciated by the people. Is. We see this growing increase in mobile transactions and this number as a positive change in payment methods and in fact these apps represent 60% of the total number of payments made and will reach 51% by December 2021. Compounds the increase of %. Where compared to how have payments made with debit cards fared. September 2022 recorded a decline in the number of transactions at 66.45 million and recorded a 9.35% decline in the number of transactions conducted in July.
The digitization of payments in Argentina continues to progress and progress after the successful launch of Transferencia 3.0 and the launch of an open payment program called Interoperable QR Payments and implemented by institutions other than private banks. Argentina’s central bank said that in fact the objective would be to promote an open and universal digital payment ecosystem and seek to provide a new dimension to its developing economy and Will cover more and more areas in which financial services are still not used and is considered one of the management of monetary bodies.
The report shows a steady increase of over 5 million payments using the device in October, and an increase compared to September when 3.15 million Bhutanese QRs were used, considered a record at the time serves as a source of
Bitso, a LATAM-based exchange, was one of the first cryptocurrency exchanges to take advantage of this technology in September to allow users to offload directly from wallets.
Where we can say that other traditional methods including credit and debit cards which were used earlier to make payments have now changed and now digital payment has been implemented in their place which includes mobile banking and other major services and This is surely the beginning of a revolutionary change which has definitely marked the decline of plastic based payment process.
