• Fiserv, a global payments company, recently released a study on the payment preferences of Argentines.
• It found that 34% of Argentines prefer to use QR and digital wallets for their payments, replacing cash and credit card preference.
• Jorge Larravide, a specialist in means of payment, commented about the evolution of payments in the country, highlighting the advantages these digital options bring.
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 and cash for payments has decreased.
Preference for Digital Payments
The study found that the payment preferences of Argentines have shifted towards QR code and digital wallet transfers. 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% choosing it over other options in the country.
Growth of QR Payments
QR payments have also grown in Argentina with one out of every four transactions being settled using this kind of payment within its interconnected system. These results show that there is an increasing trend towards digital options which has increased 11% from last year while decreasing cash and debit card preference.
Commentary from Specialist
Jorge Larravide, a specialist in means of payment commented on this shift towards digitalization due to its convenience at time of paying as well as discounts offered by merchants when opting for these kinds of payment. In September last year it was reported that 3.15 million payments were made with QR codes setting a record high since its implementation in 2021.